bitcoin fell recently bitcoin-heading-for-fresh-lows/” rel=”nofollow”>below critical support level between $67,000 and $68,000, having failed to exceed the $70,000 price level successfully. According to analysis by crypto analyst Josh, the flagship cryptocurrency must surpass this critical support level soon enough or risk turning into a downtrend.
bitcoin needs to surpass $68,000
Josh mentioned in a video on his YouTube channel that bitcoin needs to achieve a confirmed breakout above $68,000 to turn bullish again and possibly experience further bullish moves towards resistance levels between $72,000 and $74,000. With bitcoin-below-68000-reports-of-mt-gox-payouts/” rel=”nofollow”>bitcoin currently below $67,000The crypto analyst noted that the area between $67,000 and $68,000 It is now an area of strong resistance and one to pay attention to in the short term.
bitcoin's failure to break above $68,000 soon enough could lead to further near-term pullbacks to between $63,000 and $64,000, an area where Josh stated there is a decent amount of trading volume. The crypto analyst also suggested that bitcoin-analyst-upside-btc-price/” rel=”nofollow”>The fall of bitcoin to $64,000 could happen quickly, as highlighted by the volume profile indicator, which showed that there is little volume traded between $66,000 and $64,000.
Meanwhile, Josh outlined a scenario where bitcoin could rise to around $67,000 for a large amount of liquidity and crypto-futures-liquidations-150m-bitcoin-plummets/” rel=”nofollow”>liquidate short positions around that area. He noted that that area coincides with the resistance level between $67,000 and $68,000.
As such, he warned that bitcoin may experience a short-term bounce and then be rejected at the resistance level. He again stated that bitcoin would need to break above $68,000 to confirm that the pullback is over.
A massive move on the horizon for btc
Analyzing the four-day chart of bitcoin, Josh stated that the bitcoin-downtrend-might-be-over/” rel=”nofollow”>Bollinger Bands They are still tight, which points to a “major move” coming at some point within the next few weeks. He added that the move would be volatile and that bitcoin could potentially record a 20% to 30% price move.
On a broader time frame, Josh commented that bitcoin is still trading sideways and within a massive consolidation that typically occurs during a “bitcoin-bull-market-glassnode/” rel=”nofollow”>much larger uptrend.” As such, the analyst suggested that bitcoin is still far from its market peak despite its recent price drop. Based on predictions made by other crypto analysts, such as crypto%20Analyst%20Reveals%20Bearish%20Expectations,-by%20Scott%20Matherson&text=crypto%20analyst%20CrediBULL%20Crypto%20has,low%20as%20%240.5%20soon%20enough.” rel=”nofollow”>CrediBULL cryptobitcoin is still expected bitcoin-ceo-makes-bold-prediction/” rel=”nofollow”>go up to $100,000 in this market cycle.
bitcoin-whos-dumping-their-coins-and-why/” rel=”nofollow”>crypto Analyst Rekt Capital He had also warned about these price drops in the midst of this bull run. He claimed that bitcoin would pull back enough to convince anyone that the bull run is over before it resumes its uptrend.
At the time of writing, bitcoin is trading at around $65,400, down 1% in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
