BTC Price Drop Pressures $60K, Will Bulls Return For Breakout?

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The recovery rally that started last weekend in the crypto market remains short-lived, as the BTC price took a huge dip last night. The downfall comes with twists and turns in the misinterpreted relationship between Blackrock and HBAR. The first-ever zero inflow day for $IBIT and the looming 3-year jail time for CZ fuel the market fear. 

Despite Bitcoin Halving, turning the tide for a brief period, the bearish gears are turning again. So, with all the growing tensions in the market, the 3% drop in Bitcoin warns of another drop to $60,000 or even lower if the fear outgrows. 

As the market volatility grows, will Bitcoin make a comeback in May? Will the Bitcoin Price Prediction of $100,000 in 2024 come true? So, let’s have a closer look at the BTC price chart to analyze the upcoming trend. 

Bitcoin Price Performance

With the Bitcoin market cap down to $1.265 Trillion, a decline of 12% from the peak of $1.451 Trillion, the bears are gradually gaining control. Further, the 27% rise in trading volume bolsters the correction spree, warning a drop to $60,000.

Tradingview

As mentioned in our previous analyses, the BTC price action sustains a bullish flag, and ongoing correction marks a short dip within. Further, the bearish takeover creates an evening star for the $63,000 zone retest. 

With $156 Million in long liquidation market-wide, the sellers outshined last night, per Coinglass. 

The evening star delays the bullish crossover in the MACD and signal lines, reflecting a struggle in a trend reversal. Further, this delays the highly anticipated flag breakout rally. 

Currently, the BTC price trades at $64,297 and forms a Doji candle following the 3.25% drop last night. With a reflection of bearish exhaustion, the market could bounce back over the weekend. 

Will Bitcoin Dominance Breakout Lead To A New Bull Run?

Bitcoin dominance reflects the percentage of Bitcoin’s share in the overall crypto market over that of altcoins. With the Bitcoin ETFs at play, the dominance of BTC over altcoins is expected to increase in 2024. 

Tradingview

As per the logarithmic monthly chart, Bitcoin’s rising dominance is ready for a trendline breakout. However, it is a pivotal stand and could result in a bearish turnaround. Hence, this month’s dominance candle will play a crucial part in reflecting the upcoming Bitcoin price trend.

A breakout will bolster the $100,000 dream. Meanwhile, a reversal could put additional pressure on the $60,000 psychological mark. 

Will BTC Price Survive Above $60,000?

With a bullish reversal struggling to sustain momentum, the overnight drop puts a dent in the uptrend. However, the buyers are actively pushing for a breakout with the flag pattern sustaining and the strong demand at $60,000. 

With another drop in the crucial support, the recent correction brings another buying opportunity. As per the Fibonacci levels and the market-wide anticipation,  a breakout rally could ignite a bull run to the $100,000 mark, with minor pitstops at $75,000 and $88,000.