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Bitcoin has fallen recently Below critical support level Between $67,000 and $68,000, after it failed to break the level Price level $70,000 Successfully. Based on cryptocurrency analyst Josh’s analysis, the major cryptocurrency needs to rise above this critical support level soon enough or risk turning into a downtrend.
Bitcoin needs to rise above $68,000
Josh mentioned in a video On his YouTube channel, Bitcoin needs to make a confirmed break above $68,000 to turn bullish again and may face further upward moves to resistance levels between $72,000 and $74,000. with Bitcoin is currently below $67,000the cryptocurrency analyst pointed out that the area between $67,000 and $68,000 It is now a strong resistance area and one should be careful in the short term.
Bitcoin’s failure to rise above $68,000 soon enough could lead to further short-term pullbacks to between $63,000 and $64,000, an area where Josh claimed there was a fair amount of trading volume. Cryptocurrency analyst suggested this as well Bitcoin price drops to $64,000 It could happen quickly, as highlighted by the trading volume indicator, which showed that there was a small trading volume between $66,000 and $64,000.
Meanwhile, Josh explained a scenario in which Bitcoin could rise to around $67,000 to gain a significant amount of liquidity and… Filter short positions around that area. He pointed out that this area coincides with the resistance level between $67,000 and $68,000.
As such, he warned that Bitcoin could see a short-term bounce and then be rejected at the resistance level. He once again claimed that Bitcoin would need to cross the $68,000 level to confirm the decline is over.
A massive move is on the horizon for BTC
When analyzing Bitcoin’s four-day chart, Josh mentioned that Bollinger Bands They are still pressing together, suggesting a “big move” at some point over the next few weeks. He added that the move will be volatile and that Bitcoin will likely record a price movement of 20% to 30%.
On the larger time frame, Josh noted that Bitcoin is still trading sideways and within a massive consolidation that typically occurs during “The upside is much greaterAs such, the analyst noted that Bitcoin is still far from market highs despite its recent price decline. Based on forecasts made by other cryptocurrency analysts, such as credipool encryptionBitcoin is still expected to do so It rises to $100,000 In this market cycle.
Cryptocurrency analyst Rekt Capital He also warned against these price declines amid this upward trend. He stated that Bitcoin will pull back deep enough to convince anyone that the uptrend is over before it resumes its uptrend.
At the time of writing, Bitcoin is trading at around $65,400, down 1% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
