Bitcoin price threatens to fall further towards $52K

The Bitcoin price is grappling with sustained downward momentum. Analyst QuintenFrancois states that there is still no sign of a trend reversal in the short term, and warns that a further drop to $52.000 is on the horizon if the price does not manage to break through some higher resistance levels soon. At the moment, Bitcoin is trading around $62.800. a decline of 0.4% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

Resistance at $64.000 and $66.000 Is Crucial

According to QuintenFrancois, a clean breakout above $64.000 and $66.000 is the first requirement to even speak of a potential trend change. As long as Bitcoin does not succeed within a few days, the bearish momentum will continue to dominate. On his chart, it can be seen that the price has been in a downtrend for weeks, with a significant selling wave around late May and early June.

The current price of $63.2K is located exactly in the zone between two horizontal levels: support around $63.8K and resistance at $65.7K. That makes the coming days extra important. If Bitcoin does not manage to break through that resistance zone, then the chances are high that sellers will gain the upper hand again.

Temporary Bottom Possible Around $52.000

If the recovery fails to materialise, QuintenFrancois expects that Bitcoin will form a temporary bottom around $52K. That would mean a further decline of more than 17% from the current price. On the chart, he outlines a scenario in which the price first shows some upward pressure, but then still sinks towards that level before a real bottom is set.

That there is pressure on the Bitcoin price is also visible elsewhere. For instance, recent data shows that short-term holders are sending Bitcoin to exchanges at a loss en masse, pointing to increasing capitulation among newer buyers. Whether the Bitcoin price manages to recover in the short term therefore depends heavily on whether bulls can take control in the coming days.