Bitcoin Faces Challenges in Maintaining Crucial Support Level at $65,390
The battle to sustain the key support level of $65,390 is intensifying for Bitcoin (BTC) as it faces increasing pressure. The ability to stay above this level is crucial for the continuation of the bullish trend, with the next target being $70,000.
Keeping the price above this support level is essential for the upward movement to persist. A drop below $65,390 could indicate a potential downward trend and introduce more risk, potentially leading to a bearish outlook. This could open the door to negative targets, starting at $63,135 and ending at $60,252. Therefore, maintaining a level above $65,390 is vital for the ongoing bull run.
BTC recently entered an accumulation phase after encountering resistance at $66,500. Currently, the price is trading above $65,000 and the 100-hourly simple moving average. At the time of writing, BTC was valued at $65,605.04, representing a 0.32% decrease in the past 24 hours, according to data from CMC.
Based on the current movement of BTC, experts predict that its price may reach $67,560 by the end of May. If Bitcoin surpasses this projected level, it could potentially climb to $79,186.
On the other hand, failure to maintain crucial support at $66,000 could result in a decline to $65,200. This would trigger further losses, potentially causing the price to drop even further to $64,600, and possibly as low as $63,750.
BTC Miners Facing Challenges
On-chain data reveals that the Bitcoin Miner Price metric has fallen below the Electrical Cost of BTC for the fifth time. Charles Edwards, the founder of Capriole Investments, highlighted some developments regarding Bitcoin miners in a recent post on X. Two major factors impacting miners are the Electrical Cost and the Mining Price, both of which are currently declining.
Edwards suggests that the decline in Bitcoin Miner Price and Electrical Cost indicates that miners may struggle to cover their electricity expenses per BTC mined. This is due to the division of transaction fees associated with one token by the total BTC mined, indicating insufficient revenue from one BTC to cover costs.
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