Bitcoin's price is currently down 4% for the week, turning bearish following a bearish engulfing pattern. Analysts identify three key levels for potential recovery, with an immediate bullish reversal possibly mirroring a previous market fractal from Q3. This suggests a potential V-pattern bottoming around $64,500 before a move towards $70,000. Strong underlying support exists at $64,000-$66,000, presenting attractive buying opportunities ahead of the US elections. Additionally, Bitcoin has maintained an uptrend since surpassing a local top on Sept. 27, with expectations for a higher low between $62,000 and $63,900. However, a drop below $60,000 could invalidate this bullish outlook and lead to panic selling, delaying new all-time highs until 2025. The market also has an unfilled CME gap between $52,000 and $54,000, which may remain until significant macroeconomic changes occur.

Source 🔗