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Summary:
Bitcoin is facing pressure to stay above the critical support level at $65,390 to sustain its bullish trend towards $70,000. A potential drop below this support level could lead to a negative outlook targeting lower price levels.
Introduction:
Bitcoin’s price is currently under pressure to hold above the key support level at $65,390 to continue its upward momentum towards $70,000. Falling below this support level may signal a potential shift towards a bearish trend, introducing further risks and downward price targets.
Main Points:
Bitcoin must maintain the support level above $65,390 to sustain its bull run. The cryptocurrency is currently trading above $65,000 and the 100-hourly simple moving average, with experts predicting a potential rise to $67,560 by the end of May. Failure to hold support at $66,000 could lead to further price declines.
Bitcoin miners are facing challenges as the Bitcoin Miner Price falls below the Electrical Cost of BTC, indicating potential struggles for miners to cover electricity expenses per BTC mined. This decline in miner profitability highlights ongoing challenges in the mining sector.
Conclusion:
Bitcoin’s ability to stay above the crucial support level at $65,390 will be key in determining the continuation of its bullish trend. As market dynamics evolve, maintaining this level is essential for Bitcoin to sustain its current upward trajectory and potential price targets.
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