Bitcoin is facing a sharp price crash according to a crypto expert

As Bitcoin struggles to stay above $65,000, a crypto expert has warned of a possible price crash.

Alan Santana, an experienced cryptocurrency analyst, share his thoughts on TradingView about how Bitcoin is not in the best technical situation. He emphasized that a double top formed on May 21, as well as in June. This usually happens before the trend turns from the bull to the bear, adding to the negative sentiment in the crypto space.

The analyst also pointed to declining trading volumes as signifying weak interest from investors, which could further push prices down, leading to a new low for Bitcoin.

He shared that short-term support levels are around $62,470 and a critical area at $59,883. The last significant low was recorded at $56,552. It looks like Bitcoin could test this zone again according to the analyst with possible even sharper declines towards $55,000 or $52,000 or maybe even $50,000 in the short term.

In addition, Santana predicts high volatility on June 21-23, which could lead to significant price swings.

“Recent price action shows a clear rejection. Bearish signals continue to pile up, which could mean a new bottom is on the horizon.”

If it breaks below $59,856, then Bitcoin could go straight to its previous low at $56,562. A break above the descending channel could mean there is a potential trend reversal, but the $67,485 resistance line must be broken first.

Santana's analysis is in line with the general sentiment for Bitcoin after the cryptocurrency failed to reach $70,000.

At the time of writing, Bitcoin is trading at around $65,430 with a small daily loss. On the weekly chart, the situation looks worse, with the cryptocurrency down more than 4%. Suffice it to say, it's been a tough week for Bitcoin, characterized by significant declines and failed recoveries.

The coming days will be crucial as the resistance area will be at $67,000 while the support level remains at $65,000. If Bitcoin continues to stay below these levels, it could confirm a bearish trend that would lower the price.