Bitcoin Price Drops Below Bull Market Trendline: Is a Crash Imminent?

The Bitcoin price has dropped to $61,400, a reduction of 4% from its previous value.

This correction has led to concerns about whether investors should be worried and if this is the time to look for lower prices.

Currently, the BTC price is sitting on the bull market trendline and possibly facing resistance as it did in August.

The 4-hour chart shows that the price has fallen through both the bear market and bull market trendlines, with a high chance of confirmation below the latter.

Support at $62,250 may hold up the price, but if it breaks, a continuation of the dip down to this level could be next.