Bitcoin recently faced a significant drop below the crucial support level of $67,000 to $68,000 after failing to break above the $70,000 mark. According to crypto analyst Josh, Bitcoin needs to surpass this support level soon to avoid a potential shift towards a bearish trend.
In a video on his YouTube channel, Josh emphasized the importance of Bitcoin climbing above $68,000 to turn bullish again. He suggested that a confirmed breakout above this level could lead to further upward movement towards resistance levels ranging from $72,000 to $74,000. Currently trading below $67,000, Josh highlighted the $67,000 to $68,000 range as a strong resistance area to monitor in the short term.
Failure to breach $68,000 could result in short-term pullbacks to the $63,000 to $64,000 range, where Josh noted a significant volume of trading activity. He also pointed out the potential for a swift drop to $64,000, citing the low traded volume between $66,000 and $64,000 based on the volume profile indicator.
Additionally, Josh discussed a scenario where Bitcoin could rise to around $67,000 to capture liquidity and liquidate short positions in that area. However, he cautioned that Bitcoin might experience a short-term bounce followed by rejection at the resistance level, emphasizing the need to break above $68,000 to confirm the end of the pullback.
Analyzing Bitcoin’s four-day chart, Josh highlighted the Bollinger Bands’ contraction, indicating an imminent major price movement within the next few weeks. He anticipated a volatile move with a potential 20% to 30% price swing. On a broader time frame, Josh suggested that Bitcoin is still consolidating within a larger bullish trend, contrary to recent price declines.
While Bitcoin is currently trading at around $65,400, down 1% in the last 24 hours, analysts like CrediBULL Crypto foresee a potential rise to $100,000 in the ongoing market cycle. Similarly, Rekt Capital warned of price retracements during the bull run before a resumption of the uptrend.
In conclusion, the crypto market continues to experience fluctuations, with Bitcoin’s price movements closely watched by analysts and investors. The need to breach key support levels and confirm bullish trends remains crucial for the future trajectory of the flagship cryptocurrency. As the market awaits the anticipated major price move, the resilience and potential for growth in the crypto space remain significant factors driving investor interest and market dynamics.
