The cryptocurrency market is experiencing a significant shift as Bitcoin's price drops below $67,000, sparking concerns among investors. Despite recent sideways trading, Bitcoin's bears are gaining confidence, pushing the price down to $65,000. Analysts predict further correction in the coming days, with a critical support level emerging at $61,603, based on the 20-week exponential moving average (EMA).

Historically, the 20-week EMA has been a reliable support level, influencing market direction. Bitcoin's price surge in 2012-2013 and its retest in April 2013 demonstrate this. However, bear market phases in 2014-2015 and 2018-2019 saw Bitcoin break below the EMA, leading to prolonged downturns.

Miner activity and hawkish signals from the Federal Reserve, a strong dollar, and regulatory uncertainties are contributing factors to the price drop. Despite this, investor sentiment remains cautiously optimistic, with data indicating buying during the dip.

As Bitcoin strives to maintain its price above $66,000, targeting $67,000, investors are advised to exercise caution. The content on this site should not be considered investment advice, and investing is speculative. Your capital is at risk, so please conduct your own due diligence.

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