Bitcoin has fallen below a crucial support range of $67,000-$68,000 after failing to break above $70,000.
Bitcoin’s Critical Support
Analyst Josh warns that Bitcoin must reclaim $68,000 soon or risk entering a bearish trend. He believes a breakout above this level could lead to a rally towards $72,000-$74,000.
Resistance and Pullbacks
However, Bitcoin’s failure to hold above $68,000 could trigger pullbacks to $63,000-$64,000, where there is significant trading volume. Josh highlights that the lack of volume between $66,000 and $64,000 could result in a swift decline to $64,000.
Short-Term Bounce and Rejection
Josh predicts that Bitcoin may rise to $67,000 to attract liquidity and liquidate short positions. However, he cautions that a short-term bounce could be followed by a rejection at the $67,000-$68,000 resistance level. Bitcoin must break above $68,000 to confirm an end to the pullback.
Major Move Ahead
Analyzing Bitcoin’s four-day chart, Josh observes that the Bollinger Bands are tightening, indicating a significant price movement in the coming weeks. He expects a volatile move of 20%-30%.
Long-Term Outlook
Despite the recent decline, Josh believes Bitcoin is still in a sideways trading range within a larger bullish trend. He suggests that Bitcoin is not yet at its market top.
Analyst Predictions
Other analysts, such as CrediBULL Crypto, predict that Bitcoin will reach $100,000 in this market cycle. However, Rekt Capital warns of deep retracements before Bitcoin resumes its uptrend.
Current Price
As of writing, Bitcoin is trading at approximately $65,400, down 1% in the past 24 hours.
