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

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 price 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. 

Let’s explore why BTC could be crashing. 

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

The RSI surged from around 50 to 65 but failed to hit the overbought zone of 70. As Bitcoin price trades around $62.5K, investors must pay attention to the $61.8K support level, which provided a massive foothold last week, facilitating a 4.25% rally.

According to the previous Bitcoin price forecast, a breakdown of this level seems likely and could trigger a 7% correction that stabilizes around the $57.9K to $57.2K support levels. 

Popular Analyst Forecasts New ATH For BTC

While the short-term outlook remains bearish, Philip Swift, a popular crypto analyst, notes that timeframe analysis that compares BTC and global liquidity is noise. A zoomed-out chart shows that the global liquidity has hit a new ATH, which should lead to Bitcoin hitting a new high as well.

While the long-term outlook for Bitcoin price remains bullish, investors need to understand that the short-to-mid-term scenario remains indecisive due to multiple reasons – uncertain macroeconomic policies, geopolitical tensions, risk-off factors due to the war between Iran and Israel, and so on.

Regardless, a swift breakout and flip of the $65K hurdle into a support floor will suggest that bulls mean business. This move will invalidate the bearish thesis and propel BTC to $70K. In some cases, this development could also push Bitcoin price to set up a new all-time high. 

Frequently Asked Questions (FAQs)

1. Why did Bitcoin price retract after reaching $64K?

Bitcoin price failed to sustain above the daily resistance zone, leading to a 3.54% correction, with potential further decline to $61.8K and $57.9K-$57.2K.

2. What triggered the downturn in US-listed Chinese stocks?

The downturn was attributed to loss of momentum after a historic rally following China's stimulus plans, with Hong Kong's Hang Seng Index (HSI) tumbling 9.5%.

3. What's the long-term outlook for Bitcoin price despite short-term bearishness?

Long-term analysis suggests BTC could hit new all-time highs driven by global liquidity, with a potential breakout above $65K propelling prices to $70K or higher.

✓ Share:

• Trending
• Price Analysis

• SEC’s Paul Atkins Pushes for On-Chain Capital Raising Without Uncertainty
• SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
• SEC Delays Decision on Franklin Templeton’s Solana and XRP ETFs
• BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
• Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes

• Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
• SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
• Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
• Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
• Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Akash Girimath

Senior Cryptocurrency Analyst & Market Strategist Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts. A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise. Known for mentoring analysts and optimizing workflows for high-impact reporting, Akash’s work is cited across global crypto publications, reaching 500k+ monthly readers. Follow his insights on YouTube, X, and LinkedIn for cutting-edge perspectives on decentralized ecosystems and crypto innovation.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.