Bitcoin Price Forecast: Traders Brace for Further Losses

The price of Bitcoin (BTC) has increased by 2.33% over the last 24 hours, with a bullish outlook on the hourly chart as it attempts to break the local resistance level of $64,887. However, the daily time frame presents a less positive picture, indicating sideways trading in the $63,000-$67,000 range as the more likely scenario for the next few days. From a midterm perspective, attention should be paid to the bar closure in relation to the previous candle low, as a drop below that mark could lead to a test of the $60,000 zone soon. Bitcoin is currently trading at $64,612.