Bitcoin’s price has dipped back to $67,000 after a brief surge above $71,000. Analysts are closely monitoring the situation to determine the cryptocurrency’s next move.
Bullish Scenario
The recent drop below $70,000 has put Bitcoin in a critical position. However, the current level of $67,000 is crucial for its next steps.
Analyst The Signalyst believes that Bitcoin has entered a “make or break zone.” The cryptocurrency has broken above the accumulation level between $60,000 and $62,000, allowing investors to enter the market.
For the bullish scenario to continue, Bitcoin must break above the upper bound of this range at $72,000. This is the major resistance level for bulls. If successful, The Signalyst predicts that Bitcoin will move towards the next resistance level at $80,000.
Bearish Scenario
A bearish scenario is also possible at this level. The price is currently still within the upper bound of the range, but it could be pushed down by bears.
The level to watch in this case is the lower trend line, which currently sits around $62,000. Bears must break this support level to pull the price further down.
If the bears succeed, The Signalyst’s chart shows that Bitcoin could fall as low as $56,000, representing a potential decline of over 20% from its current price.
Current Market Situation
Bitcoin is currently experiencing some bullish momentum, with its daily trading volume rising over 40% in the last 24 hours. This suggests that investors are still actively engaged with the cryptocurrency, which could drive the price higher.
At the time of writing, BTC is hovering around $67,300, with a 3.29% loss in the last day but still holding small gains of 1.68% on the weekly chart.
