Bitcoin (BTC) price has established a robust support level above the 50-day moving average (MA) amid the ongoing cryptocurrency correction. The flagship coin continues to gradually form a midterm reversal pattern through a possible weekly double top coupled with a bearish divergence on the Relative Strength Index (RSI).

According to most crypto experts, Bitcoin price could easily drop towards the support level of around $60k, if the buyers fail to defend the current range.

Why Approach Bitcoin With Much Caution 

The Bitcoin price has experienced mixed reactions in recent years as miners accelerate profit-taking and US spot BTC ETFs register net cash outflows. With more than two months since the fourth halving, Bitcoin demand from institutional investors remains high, as shown by the multi-year low exchanges’ balances. 

Although the recent Fed monetary policies have signaled midterm low liquidity levels, experts have noted that the demand for risk-averse products has spiked.

“There’s a new wave of dollar strength and demand for equities. Risk asset demand is gradually diminishing, forming a sequence of declining intraday highs for bitcoin,” Alex Kuptsikevich, FxPro senior market analyst, noted.

According to Rachel Lin, CEO and co-founder of SynFutures, both Bitcoin and Ethereum have flashed bearish signals, which could push the entire crypto industry further down.

Silver Lining

According to a popular crypto analyst Michaël van de Poppe, the crypto bullish momentum will soon peak up as the dollar continues to weaken against global fiat currencies. 

The crypto analyst highlighted that Bitcoin will find a solid support level above $60k if the sellers push below $66k. 

Poppe expects Ethereum to outshine Bitcoin in the next bullish wave as the ETH/BTC pair signals an inevitable reversal that will trigger the much-anticipated altseason.

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