A Key Threshold to Watch
Bitcoin analyst Titan of Crypto has identified $61,500 as a critical price level to monitor. This level is seen as a pivotal point that could determine Bitcoin’s future trajectory.
Market Volatility Expected
Titan warns of potential market volatility around Federal Reserve Chair Jerome Powell’s speech today. He advises holding off on decisions until the daily candle closes and the next one confirms the trend.
Bull Run Not Over
Despite the recent decline, Titan believes Bitcoin’s bull run is not over. He points to the Risk-Adjusted Return Oscillator (RAR) indicator moving into the overbought area, but notes that this does not indicate a sell signal.
Daily Price Action
Bitcoin’s daily price action shows a positive trend, with a target of $112,185. Titan emphasizes the importance of patience in the market.
Possible Retracement
Analyst Ali Martinez predicts a short-term retracement to $62,000 based on technical indicators. However, Bitcoin needs to maintain a 4-hour candlestick close above $64,000 to see an upward movement.
Current Market Situation
At the time of writing, Bitcoin is trading at $61,512, indicating a slight decline in the past day. Its trading volume has increased, while its market cap has decreased slightly.
