Bitcoin Drops Below $65K: 'Summer Time Sadness' Coming?

Crypto trader Stockmoney Lizards expressed concerns about Bitcoin’s BTC/USD short-term performance, hinting at a possible bearish trend.

What Happened: Stockmoney Lizards questions the “summer time sadness” of Bitcoin, highlighting a shift from the previously anticipated bullish momentum, which was expected to break the $72,000 resistance soon.

The trader’s reassessment was triggered by new data revealing that the 9-month trendline has been broken. Bitcoin is now in a short-term descending trend channel and is below the point of control. He also pointed out that summer times are typically correction times, and the failed breakout fits this narrative.

Michaël van de Poppe highlighted his area of support to be between $63,000 to $64,500.

Also Read: Why Bitcoin Faces A ‘Critical Week Ahead’

Why It Matters: Lizards' tweet is significant as it provides a fresh perspective on Bitcoin’s performance, especially for those who are heavily invested in it. The tweet warns against overleveraged long positions at resistance, which often leads to significant losses.

Despite the short-term bearish outlook, Stockmoney Lizards remains optimistic about Bitcoin’s future, concluding with an assurance that the real bull run is about to start soon, possibly by the end of Q3.

The analysis serves as a reminder of the volatile nature of cryptocurrencies and the need for constant reassessment of investment strategies.

Price Action: In the past 24 hours, BTC is trading 1.2% down taking its weekly losses to around 2.9%.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: GameStop Could Start ‘Biggest Bitcoin Adoption Story Of The Year’ With This Move, Trader Suggests

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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