Bitcoin Nearing $65K – Why Traders Are Still Bearish

Ecosystem English News Indices In Depth Learn Newsletters Crypto Bonus Research Podcasts About Yashu Gola Mar 21, 2025 Is Bitcoin going to $65K? Traders explain why they’re still bearish Bitcoin is paring recent losses but still struggles to sustain its uptrend, leading some analysts to predict another drop to as low as $65,000. 13467 Total views 20 Total shares Listen to article 0:00 Market Analysis COINTELEGRAPH IN YOUR SOCIAL FEEDBitcoin (BTC) rebounded by as much as 14% after plunging to a four-month low near $76,600 on March 11. But BTC price is down approximately 25% from its record high of around $110,000, which is normal for a “bull market correction.”Still, some analysts anticipate the Bitcoin price declines to continue in the future.“Dark cloud” hints Bitcoin is topping outBitcoin faces renewed bearish pressure after rejecting at $87,470, the descending channel resistance, with a “dark cloud cover” pattern reinforcing the downtrend, according to an analysis shared by GDXTrader on X.BTC/USD daily price chart. Source: TradingView/@GDXTraderThe dark cloud cover pattern occurs when a strong green candle is followed by a red candle that opens above the previous close but closes below the midpoint of the first candle’s body.Illustration of a dark cloud cover. Source: GoldenEye Analysis Such a shift in sentiment indicates that buyers attempted to push higher but were overpowered by sellers, often leading to further downside.Bitcoin’s failure to close within the $90,000-$93,000 resistance zone suggests a lack of buying conviction, GDXTrader noted, saying the cryptocurrency will remain under bearish pressure unless it decisively breaks above the said range.BTC price “perfect rejection” risks $65,000Bitcoin’s potential to decline further arises from its “perfect rejection” after testing the $86,000-88,000 zone as resistance, according to analysis from popular trader CrediBULL Crypto.Related: Here’s why Bitcoin price can’t go higher than $87.5KNotably, Bitcoin attempted to break toward the local supply zone marked in red but failed to sustain above the said resistance zone, illustrated by the orange circle in the chart below.BTC/USD hourly price chart. Source: TradingView/CrediBULL CryptoFailure to reclaim the supply zone has increased the probability of a drop toward lower support levels around $77,000-79,000 (highlighted in green) by March. Testing this area as support has led to sharp price rebounds in March.Nonetheless, if this support zone breaks, a deeper move below the $77,000-79,000 region could extend toward the $65,000-74,000 area—the larger green liquidity zone in the chart above—by April.Analyst George shared a similar outlook, as shown below.Source: George1Trader/X“Hard to stay bullish” with a bear flag patternAccording to analyst CryptOpus, Bitcoin remains tightly correlated with traditional equity markets, particularly the S&P 500 (SPX) and Nasdaq 100 (NDX), both of which are displaying bear flag patterns on the charts.A bear flag forms when the price consolidates higher inside an ascending parallel channel. It resolves if the price breaks below the lower trendline and drops by as much as the previous downtrend’s height.Source: CryptOpusBTC is following a similar bear flag structure, with $84,000 acting as the lower trendline support. A break below this threshold could trigger a deeper sell-off toward $72,000 per the technical rule explained above.Moreover, Bitcoin’s correlation with equities has grown due to a broader decline in risk-on sentiment, led by the US President Donald Trump’s global trade war. BTC/USD and Nasdaq Composite 30-day correlation. Source: TradingViewArthur Breitman, the co-founder of Tezos, has called US recession one of the crypto market’s biggest external risks.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

#Bitcoin #Bitcoin Price #Bitcoin Analysis #Markets #Tech Analysis #Market Analysis Add reaction Editor’s Choice Buying Bitcoin vs gold: Which is easier for investors to purchase? Bitcoin whales absorb 300% of newly mined BTC supply — Is $100K next? Crypto ‘more taboo than OnlyFans,’ says Violetta Zironi, who sold song for 1 BTC South Korean crypto emerges from failed coup into crackdown season Crypto podcasters should always assume their audience knows nothing Advertise with us News Markets Policy Business Tech & AI Deals NFTs Market Price Indices Crypto Exchanges Memecoins Heatmap Partner Converter Solana RPC In Depth Magazine Opinion Interview Features Investigation Learn Guides How to Tutorials Explained Glossary History of Crypto Top 100 2023 Top 100 2022 Top 100 2021 Top 100 2020 Industry Research Podcasts Press Releases Events Accelerator Changelly Partner Switchere Partner About us Franchise Advertise Team Widgets Newsletters Contacts Are you a journalist or an editor? Join us MOBILE APPS COINTELEGRAPH NEWSLETTER Email Address Subscribe covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money. FOLLOW US Terms of services and Privacy policy © 2013 – 2025