Amid the recent drop in the price of bitcoin and the overall cryptocurrency market, popular cryptocurrency analyst and enthusiast Titan of crypto has highlighted the $61,500 price level as a crucial threshold to watch for the largest cryptocurrency.
Titan of crypto's analysis examines the aforementioned level as a pivotal point for bitcoin that could determine the coin's next price trajectory..
$61,500, a level to take into account for bitcoin
Today, May 14, btc witnessed a sharp drop to almost $61,500, demonstrating little momentum for a price recovery. While many would see this as a worrying development, Titan of crypto considers it a development worth noting. He considers this level to be significant and someone to keep an eye on in the case of bitcoin.
The crypto expert further warns of imminent volatility in the market around Federal Reserve Chairman Jerome PowellToday's speech. Therefore, Titan of crypto has urged the community to remember that it is best to postpone making decisions until the daily btc candle closes and until the next one confirms the previous one.
The post said:
bitcoin $61,500 is the level to watch. Expect volatility in the markets around Powell's speech today. In any case, remember that it is more prudent to wait for the close of the daily btc candle and confirmation with the next one before reaching a conclusion.
Although the expert anticipates volatility for bitcoin, he is confident that the cryptoasset's bull run is far from over, suggesting that a bullish move is still possible.
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According to Titan of crypto, the bitcoin Risk-Adjusted Return (RAR) Oscillator Indicator has recently moved into the overbought area. However, the analyst claims that this is no cause for alarm, given that bitcoin took more than eight months to top following development based on previous bull cycles.
Looking at bitcoin's price action on the daily period, the expert confirms that the digital asset is “looking good.” As a result, btc is following the bullish target to unprecedented heights, specifically around $112,185. “This is a zero-sum game where impatient people give their money to the patient,” he added.
Possible pullback to $62,000
As the cryptocurrency titan anticipates a rally, Ali Martínez, another crypto, has x.com/ali_charts/status/1790079401230520433″ target=”_blank” rel=”nofollow”>foretold an early price pullback. The expert has highlighted the possibility of btc falling to $62,000 in the short term.
According to the analyst, the 200 EMA on the 4-hour chart seems to reject bitcoin, while the TD Sequential indicator suggests a sell signal. If the development is confirmed, Martínez hopes btc drop to $62,000.
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However, for btc to witness an upward move, it must maintain a 4-hour candle close above the $64,000 threshold. Therefore, with the coin trading below the $62,000 level, Martínez's prediction appears to have already manifested.
At the time of writing, the coin was trading at $61,512, indicating around 1.98% in the last day. Its trading volume increased by 9.67%, while its market capitalization decreased by 2.65% in the last 24 hours.
Featured image from iStock, chart from Tradingview.com
