The Great Immortal said: On June 18, Bitcoin has repeatedly fallen below $66,000. Can it return to its peak?

The cryptocurrency market today can be described as very bleak, with Bitcoin repeatedly falling below $66,000 and Ethereum also falling below the $3,500 mark multiple times. As of the time of writing, Bitcoin is priced at $65,472 and Ethereum at $3,524, with both major cryptocurrencies down about 1% today.

Most investors believe that regulatory crackdowns are the main reason for the decline in cryptocurrencies. Increasing regulatory scrutiny and stricter regulations may reduce investor confidence in cryptocurrencies, leading to massive sell-offs in the market. If the global economy significantly deteriorates or a larger financial crisis erupts, this will also lead to massive sell-offs of cryptocurrencies. When prices reach unsustainable levels, significant pullbacks usually occur, which is a natural correction of profit-taking and market saturation.
Bitcoin 4-hour chart

Currently, the MACD's DIF line and DEA line are both operating below the 0 axis, and the two lines show signs of convergence, indicating that Bitcoin's price is still in a bearish trend, but the downward momentum is weakening. Although the MACD histogram is in red, it is gradually shortening, which means that bearish strength is increasing.
From the KDJ indicator, both the K line value and the D line value are below 50, at a low level, while the J line value has appeared in the oversold area, indicating a possibility of a rebound in the short term.
From the Bollinger Bands indicator, Bitcoin's price is currently hovering around the mid-band (66,215) on the 4H level, indicating that the mid-band line is providing support for the price. If the price can effectively break through the mid-band line, the next step will be to approach the upper band (66,975).
Bitcoin 1-hour chart

Currently, the MACD's DIF line and DEA line are operating below the 0 axis, and the DIF line is gradually moving away from the DEA line, indicating strong downward momentum. The MACD red histogram has expanded, indicating that bearish strength is still increasing, and it may continue to decline in the short term.
From the KDJ indicator, the K, D, and J line values are all at low levels. The K line value and D line are trending downward, but the J line value is close to the oversold area, which may lead to some oscillation near the low. However, if the K line value and D line value cross upward at low levels, a rebound may occur.
From the Bollinger Bands indicator, the current price has fallen below the mid-band of the Bollinger Bands and is approaching the lower band, indicating that the market is still in a weak state. However, attention should be paid to the lower band support level (65,078). If the price does not break this level, a rebound mode may be initiated.
Comprehensive analysis: In the 1-hour level chart, although there are signs of a rebound in the short term, the 4-hour level chart shows that the overall trend is still weak, and the strength of the short-term rebound may be limited. Until the price clearly stands above the Bollinger Bands mid-band and the MACD fast and slow lines show a significant upward crossover, the market may continue to oscillate or remain weak. Investors should closely monitor the key support level of 65,078. If it effectively breaks down, it may continue to decline; if it finds support at this level, a short-term rebound may occur.
In summary, the following suggestions are provided for reference:
Long Bitcoin near 65,100-65,300, target 66,700-67,000, with a stop loss at 64,800.
Time of writing: (2024-06-18, 00:10)