Bitcoin Price Analysis BTC Plummets 3 Overnight How Low Can It Go

CoinWorld reports:
In the past few months, the price of Bitcoin has been setting new highs and lows, nearing its historical peak.
Technical Analysis
Author: Edris Derakhshi (TradingRage)
Daily Chart
On the daily timeframe, the price has been rising since rebounding from the support level of $52,000.
Although the market has broken through the critical 200-day moving average located around the $64,000 level and the $68 region, it has failed to surpass the historical high.
The price is currently declining towards the support level of $68,000, but due to the market structure still appearing bullish, there seems to be a potential for a rebound that could soon establish a new high.
Source: TradingView
4-Hour Chart
From the 4-hour perspective, the market is in an upward trend within an ascending channel. However, it has recently been excluded from the upper limit of the channel and is currently testing the lower trendline. If the range remains unchanged, the market may soon rebound to historical highs.
However, a breakdown could lead to a correction towards the levels of $64,000 or even $60,000 in the coming weeks.
Source: TradingView
Sentiment Analysis
By
Edris Derakhshi (TradingRage)
Bitcoin Funding Rate
In recent years, the futures market has significantly influenced the price movements of BTC. Therefore, analyzing its overall sentiment can assist in more accurately predicting future market trends.
This chart displays the Bitcoin funding rate indicator, which measures whether buyers or sellers are more actively executing leveraged positions. A positive value indicates bullish sentiment, while a negative value suggests bearish expectations.
As shown in the chart, during the recent upward trend, the funding rate has consistently printed positive values.
However, these values remain well below the funding rate observed during the last historical peak in March. Thus, it can be concluded that the futures market is still not overheated, with sufficient spot demand, anticipating a price increase in the coming weeks.
Source: TradingView