Bitcoin Price Drops Below Critical Support Level Following Rejection At $70,000
Bitcoin has recently experienced a significant drop, going below the crucial support level between $67,000 and $68,000 after failing to successfully break above the $70,000 price mark. According to crypto analyst Josh, it is essential for Bitcoin to rise above this critical support level soon, or it risks moving into a bearish trend.
Bitcoin Needs To Climb Above $68,000
Josh emphasized that for Bitcoin to become bullish again, it must achieve a confirmed breakout above $68,000. If this happens, it could lead to potential price movements towards the resistance levels of $72,000 and $74,000. Currently, with Bitcoin trading below $67,000, the range between $67,000 and $68,000 is now a strong resistance area to watch in the short term.
Failure to rise above $68,000 soon could result in short-term pullbacks to between $63,000 and $64,000. Josh highlighted that this area has a significant amount of traded volume. He also suggested that a drop to $64,000 could occur quickly due to the low traded volume between $66,000 and $64,000.
Josh proposed a scenario where Bitcoin could increase to around $67,000 to gather a large amount of liquidity and liquidate the short positions in that vicinity. However, he warned that Bitcoin might experience a short-term bounce followed by a rejection at the resistance level. To confirm that the pullback is over, Bitcoin must break above $68,000.
A Massive Move On The Horizon For BTC
Analyzing Bitcoin’s four-day chart, Josh noted that the Bollinger Bands are squeezing together, suggesting a major move could occur in the next few weeks. He mentioned that this move could be volatile, potentially resulting in a 20% to 30% price change.
On a larger time frame, Josh observed that Bitcoin is still trading sideways within a large consolidation, which typically happens during a “much larger bullish trend”. Despite the recent price drop, he suggested that Bitcoin is still far from reaching its market top. Other crypto analysts, like CrediBULL Crypto, predict that Bitcoin could still rise to $100,000 in this market cycle.
Crypto analyst Rekt Capital also warned about potential price declines during this bull run. He stated that Bitcoin might retrace enough to convince some that the bull run is over before resuming its upward trend.
At the time of writing, Bitcoin is trading at around $65,400, down 1% in the last 24 hours, according to data from CoinMarketCap.
BTC Falls to $64,000
Bitcoin's journey below $67,000 has significant implications for investors and traders alike as it navigates critical support and resistance levels.
By understanding the crucial points and varying scenarios mentioned, even those unfamiliar with complex trading terminologies can grasp the possible future movements of Bitcoin’s price and make informed decisions.
