Bitcoin Price Falters At $64K, Chinese Stocks Tumble, What’s Next for $BTC ?

With Chinese stocks crashing double digits, what's next for Bitcoin price after a brief retest of $64k, a crash or continuation of the bounce?

With the recent spurt of bullish momentum, Bitcoin (BTC) retested the $64K hurdle but failed to sustain it. As a result, BTC is retracing. The daily chart shows a bearish outlook for Bitcoin price that could undo the past week’s gains.

Bitcoin Price Stumbles At $64K:-

Crypto markets enjoyed bullish sentiment in the past week as Bitcoin prices hit $64K over the weekend. This enthusiasm continued into the weekday as BTC saw another buying spike in the US trading session. In hindsight, the uptick pushed Bitcoin deep into the $64K territory, forming a local top and leading to a 3.49% crash.

As of Tuesday, October 8, Bitcoin price is up 0.58% and remains indecisive.

US-Listed Chinese Stocks Plunge After Historic Rally:-

The Chinese stock market saw a massive uptick after China announced aggressive stimulus plans in late September. This move caused a historic rally that led some of the Indices to observe the best performance since 2008. The stimulus-led rally pushed the CSI 300, HSI, and SSE Composite to rally 36% and 30%, respectively.

Additionally, US-listed Chinese stocks like Ali Baba, BiliBili, Baidu are down 8.9%, 17.2% and 10.1%, respectively. Analysts attribute the downfall of Chinese stocks to a loss of momentum. Hong Kong’s Hang Seng Index (HSI) tumbled 9.5%, which is the worst performance seen since 2008.

BTC Price Analysis: What’s next for Bitcoin?

The outlook for Bitcoin remains bearish as explained in a previous CoinGape article. BTC price is the following scenario one and has promptly retraced 3.54% after piercing the daily resistance zone, extending from $63.9K to $65K.

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