Bitcoin Price Prediction:Is the BTC Bull Rally Losing Steam?

Bitcoin tumbles to its lowest level in the past 30 days

• #Bitcoin bears successfully executed their trade, causing the price to again fail to surpass the key resistance at $72,000.

• After diverging following the April fallout, BTC began its recovery within an ascending parallel channel.

• The daily chart indicates the price has broken down the rising channel but suggests a possible bullish reversal.

• Despite this, the descending trend might continue as bears attempt to drag levels below the local support at $65,000.

• According to Coin Gabbar analysis, If Bitcoin stays above $65,000 and re-enters the channel pattern, it might surpass $70,000.

• Conversely, a drop below $65,000 could find support around $63,000, potentially leading to a further decline towards the $60,000 mark.

KEY LEVELS :

RESISTANCE LEVEL : $67,200-$68,500

SUPPORT LEVEL : $65,000-$63,700

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