bitcoin-strategic-reserve-asset/” rel=”nofollow”>bitcoin (btc) has completed its ninth test of the $60,000 support level, suggesting a possible change in the cryptocurrency's trajectory. According to one cryptocurrency analyst, bitcoin faces significant moves ahead and determines the bitcoin-activity-rebounds-signal-btc-turnaround/” rel=”nofollow”>direction of this impulse It's crucial.
btc retests $60,000 support for the ninth time
In an x (formerly twitter) x.com/daancrypto/status/1808499631057166432?s=46″ rel=”nofollow”>mail Posted on July 3, a cryptocurrency analyst identified as ‘Dana crypto Trades’ stated that bitcoin has successfully completed its ninth test of the $60,000 support region. support level It is a price threshold at which assets tend to stop falling, indicating the potential for a rally in the cryptocurrency.
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The cryptocurrency analyst revealed that bitcoin has held a support level of $60,000 for about nine months, and during those months it has experienced multiple price testsWhile the cryptocurrency showed strength by holding this crucial level, Dana crypto Trades highlighted that the support level eventually failed, resulting in Substantial bitcoin price drops.
He noted that the distinctive difference between the previous price tests and the recent one was that many investors and cryptocurrency enthusiasts believed that the $60,000 support level would be bitcoin hits rock bottomanticipating that it would stop further price declines. The cryptocurrency analyst revealed that currently opinions seem to be divided on the direction that bitcoin will take With this new test, it is revealed that some people believe that $60,000 would hold as a support level, while others remain skeptical.
Highlighting bitcoin's current lack of momentumDana crypto Trades explained that cryptocurrency prices typically consolidate around specific levels for an extended period, showing minimal movement up or down. He revealed that the overall high time frame trend was important in determining the Future direction of bitcoin price.
He also stressed the importance of Do not rule out any support or resistance level bitcoin's price until its price has completely and undeniably broken through a higher time frame. The analyst added that after a consolidation periodIn the case of cryptocurrencies, large price movements are usually expected as the market builds up considerable momentum during the consolidation phase, leading to a significant breakout or breakdown.
Analyst predicts major price swings for bitcoin
In one of his most recent x.com/daancrypto/status/1808769257372565719?s=46″ rel=”nofollow”>x postsDana crypto Trades shared a btc price chart and noted that bitcoin Volatility Indicators They have become less erratic lately. He revealed that usually when volatility falls to such low levels, it usually indicates a significant price movement.
As a result, the analyst has suggested that bitcoin could be preparing for a large price swingHe also stressed that while the indicators signal a big move ahead for bitcoin, they do not specify the direction of the move, highlighting the uncertainty of whether btc will go up or down.
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At the time of writing, bitcoin Price It fell below the $60,000 support level and settled at $57,359. The cryptocurrency has seen a notable drop of over 5.14% over the past 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
