As a seasoned crypto investor, I’ve seen my fair share of market volatility and price swings in Bitcoin. The recent dip below $70,000 after briefly touching $71,000 is a reminder that the market can be unpredictable. However, it’s essential to remain calm and analyze the situation from a technical perspective.
As a crypto market analyst, I’ve observed the Bitcoin price retreating back to $67,000 from its peak above $71,000 earlier this week. The recent price action has left many of us in the cryptocurrency community pondering over potential next steps. To better understand the possible directions for Bitcoin, I’ve turned to technical analysis tools.
Bullish Scenario For Bitcoin
As a researcher studying the cryptocurrency market, I can tell you that the recent drop in Bitcoin’s price beneath $70,000 has put it in a precarious position. The current level hovering around $67,000 takes on great significance as it could determine Bitcoin’s future course. Crypto analyst The Signalyst emphasizes this point in their latest Bitcoin analysis, labeling the current price range as a ‘make or break zone.’
I’ve noticed that Bitcoin has successfully breached the accumulation zone between $60,000 and $62,000 as The Signalyst mentioned. Even though it experienced a dip in the previous day, it hasn’t lost its footing in the upper limit of this range yet.
To keep the bullish trend going, the crypto analyst asserts that Bitcoin (BTC) needs to surpass the current range’s upper limit entirely. This significant hurdle for optimistic investors is set at $72,000. Once this milestone is achieved, The Signalyst anticipates that the Bitcoin price will advance towards the subsequent major resistance level at $80,000.
Bearish Scenario For BTC
Just like the bullish projection, the bearish one for Bitcoin is also plausible at this point. According to The Signalyst, although the price remains within the upper limit of the range, there’s a risk that it could be dragged lower by bears.
In this situation, the significant level to focus on is the developing trendline approximately at $62,000. Just as $72,000 acts as a resistance for bulls, $62,000 functions as a support for bears. Should bears manage to break below the trendline, the Bitcoin price might plummet to around $56,000 based on the analyst’s chart. This represents a considerable drop of over 20% from the current pricing.
BTC Price
At present, Bitcoin’s price continues to exhibit robust buying interest, as evidenced by a substantial 40% surge in daily trading volume within the past 24 hours. Such heightened investor participation is a potential indicator of further price growth.
As a crypto investor, I’m observing that Bitcoin (BTC) currently sits at approximately $67,300, marking a 3.29% decrease in value over the past day. However, despite this setback, BTC is still exhibiting a weekly gain of 1.68%.
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2024-05-25 04:16