Bitcoin Price Struggles Below $64K: Is a Major Dip Coming?

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Bitcoin (BTC) price has been forming a potential midterm reversal pattern in the four-hour timeframe after experiencing a significant resistance level of around $64k. The flagship coin slipped around 2 percent in the past 24 hours to trade at about $63,241 on Thursday, September 26, during the early Asian session. 

Consequently, Bitcoin price closed below the 200-day Moving Average (MA) and has not managed to flip the resistance level around $64k. 

Bitcoin Price Targets 

In the four-hour time frame, Bitcoin price has been forming a reversal pattern, characterized by a potentially triple top coupled with a bearish divergence on the Relative Strength Index (RSI). According to veteran trader Peter Brandt, Bitcoin price must consistently close above the July high of about $65,200 to ensure bullish momentum.

As a result, Brandt believes Bitcoin price could drop below $49k in the short term before rebounding towards its all-time high. Nonetheless, Bitcoin price has established a robust support level above $53k, which could provide additional support for a midterm rebound.

US Bitcoin ETFs Attract $105 Million Amidst Whale Sell-Off

Despite the changing economic outlook –fueled by the rate cuts in the US, Europe, Canada, and China- Bitcoin whales have depicted mixed reactions in the recent past. According to in-chain data analysis, Bitcoin whales sold over 20k BTC units in the past 24 hours.

Meanwhile, the US spot Bitcoin ETFs registered a net cash inflow of about $ 105 million on Wednesday, thus making it over $1 billion inflows for the past three weeks.

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Most Wall Street analysts believe Bitcoin price will mirror that of Gold in the short term as the bullish fourth quarter begins in a week.