Bitcoin (BTC) Price Might Drop Below $50K Level: Here’s Why

Cryptocurrency analyst Dylan took to the channel Crypto Banter and opened up about Bitcoin, which is trading above the $62k level, which according to him is a positive sign after a tough week. There’s also excitement about Ethereum’s strength and potential moves in its ecosystem. He reminded viewers to stay engaged because a lot is happening, including news about a Hong Kong ETF. 

When it comes to Bitcoin’s current situation, he pointed out key price levels to watch, like $62,400 and $61,200 for support and $65,000 for resistance. He cautioned about the possibility of Bitcoin dropping to $59,000 but also mentioned opportunities if the market turns bullish.

The analyst pointed out that Bitcoin faces a significant hurdle around $66,800, marked by the 618 level, the 50-day moving average, and horizontal resistance. Breaking through this zone would be challenging and could attract bearish interest. 

He stressed that we’re currently on a downward trend, advising caution until we see a change. Reiterating a key area he mentioned last week, around $48k, he sees it as a strong buying opportunity if prices drop. Responding to a viewer’s comment about May’s market trends, he noted the importance of staying prepared. On the chart, he pointed out potential bounce zones near $60k and $50-$52k, warning of increased fear if prices dip to the latter range. 

Looking ahead, he outlined key events for the week, including consumer confidence, job data, and the Fed interest rate decision, all of which could impact the market. At the time of writing, Bitcoin is trading at $62,400, down by more than two percent in the last 24 hours.