Bitcoin Hits 3-Week Low as Analysts Lower Downside Target to $38,000

Bitcoin (BTC) dropped to a new low of $65,547, marking its lowest level in three weeks amid intensifying institutional selling and the expiry of $14 billion in options. Technical analysis now indicates a breakdown of a "bear flag" pattern, a signal that reinforces expectations for a continued downward trend in the near term. Consequently, analysts have lowered their downside target for Bitcoin to $38,000, moving beyond previous projections of $41,000. This crypto selloff is increasingly synchronized with declines in Ethereum (ETH) and the Nasdaq index, highlighting a strong correlation with broader risk-on assets. These developments follow $102 million in liquidations and persistent outflows from spot ETFs, alongside a 30% plunge in active on-chain addresses. Traders are currently pricing in a 53% probability that Bitcoin will remain below $66,000 through late April, reflecting deep-seated caution regarding a quick recovery.

Sources:cointelegraph.comcryptonews.netforex24.protwelvedata.comopenpr.combitcoinmagazine.commorningstar.comcointelegraph.comcointribune.comcoingape.comcoinpedia.orgfxempire.comambcrypto.comcryptopotato.comcoinpaper.cominvezz.comcointelegraph.comcointelegraph.comcrypto-economy.comblockonomi.comambcrypto.com