Recent Weakness
Bitcoin has recently dipped below $68,000, but analysts believe it’s a temporary setback.
Liquidity Zone: A Potential Catalyst
Analyst Dippy predicts that Bitcoin could surge above $73,000, a level where many short traders have placed their stop losses. This could trigger a wave of liquidations, pushing the price even higher.
Bearish Scenario
Dippy also acknowledges a bearish possibility: the $73,000 level could be a fakeout, leading to a further decline.
Bullish Outlook
However, other analysts are optimistic. James Check sees $73,000 as a potential turning point for Bitcoin. Adrian Zduńczyk believes that if Bitcoin reaches $73,000, it will likely turn that level into support.
Long-Term Consolidation
Mikybull Crypto points out that Bitcoin has been consolidating within its current high for 14 weeks. This is a positive sign, as it indicates that resistance is becoming support.
Breakout Expectations
Analysts expect a breakout soon. Rekt Capital believes that a successful breakout above $70,000 will trigger a parabolic uptrend.
Reasons for Recent Dip
The recent dip below $68,000 is attributed to outflows from US Spot Bitcoin ETFs. Investors are waiting for key economic data and the Federal Reserve’s interest rate decision on June 12, which could cause further volatility.
