Why Is Crypto Dropping? Bitcoin Tests $64K Support as Analysts Warn of Further Crash

The crypto market sell-off has intensified, with Bitcoin approaching a critical support zone after weeks of steady declines. Bitcoin has now fallen around 21% from its recent highs, bringing its price into the $69,000–$64,000 range, which analysts have been tracking as a potential bottoming zone.

In his latest market analysis, crypto analyst Dan said Bitcoin has finally reached the support range he had been tracking since September. Bitcoin has dropped approximately 21% from its recent highs, while the broader crypto market continues to struggle with selling pressure.

The current decline was expected as part of his broader market outlook. However, he warned that there is no guarantee that the support will hold.

Bitcoin Price Crash

Bitcoin is now testing a key support zone between $69,000 and $64,000. The $69,000 level marks the 61.8% Fibonacci retracement, while $64,000 represents the 78.6% level.

Holding this range could support a recovery and keep the inverse head-and-shoulders pattern intact, which could signal a potential long-term market bottom. However, a break below this zone could weaken the recovery setup.

Bitcoin is also testing its 200-week exponential moving average. A weekly close below this indicator could increase selling pressure and push prices lower.