Bitcoin (BTC) Price Analysis: BTC/USD Extends Losses, Targeting the $66,000 and $63,000 Support Zone

Bitcoin extended losses yesterday, pushing the coin closer to the $66,000 and $63,000 support zone. From the daily chart, it appears that the tables are turning

Bitcoin price dropped sharply on Wednesday, pushing the coin closer to the $66,000 and $63,000 support zone. From the daily chart, it appears that the tables are turning, and if prices don’t revert higher today, it could mean that the local resistance at $69,000 and $70,000 is crucial. In the days to come, there will be politics, and how politicians view the space will determine the pace at which the coin races higher or dumps.

As is it, BTC price is down 1% in the past day but mostly stable in the previous trading week. Amid fears of more losses, the average trading volume is at $28 billion. Overall, it is higher than average, signaling that more traders are in the equation, possibly exiting.

Bitcoin news events to watch in the coming sessions

Bitcoin price choppy at spot rates, sellers flowing back

Even so, BTC/USD buyers are upbeat, expecting prices to edge higher

From the look of things, prices are moving horizontally, with caps at around $70,000 and $63,000.

Considering the state of affairs, traders can wait for a close in either position.

If buyers take over, extending gains from mid-July, the coin might fly to $72,000 and $74,000 in a buy trend continuation formation.

Conversely, sharp losses below $63,000 and $60,000 would open up Bitcoin to $56,000 and $53,500.