After reaching $60,000, Bitcoin has regained interest, allowing for a promising rebound. Let’s analyze together the future prospects of the BTC price.
Bitcoin (BTC) Price Status
After plunging to $58,500, Bitcoin quickly managed to reposition itself above $60,000. This price level corresponds to the lower part of the range formed since the beginning of March 2024. Buying interest seems to have been triggered, with the Bitcoin price bouncing off this support and subsequently crossing $62,300, a level that seemed to serve as short-term resistance. Thus, the Bitcoin price crossed the $63,000 threshold before marking a new peak around $63,700. Bitcoin has remained above the POC taken into account since BTC's rebound.
At the time of writing, Bitcoin is trading around $62,600. The medium-long term structure of Bitcoin remains bullish, however, the fact that it is below its 50-day moving average casts doubt on the continuation of this trend. Note that it is now horizontal, illustrating the period of indecision that the cryptocurrency is undergoing. Fortunately, we can be reassured by the 200-day moving average, which is still positioned below the price of Bitcoin and remains oriented upwards. In terms of price dynamics, we can naturally observe that it has picked up again, as evidenced by the price of BTC itself as well as the oscillators. All of these elements demonstrate real buying interest, suggesting a bullish reversal in progress for the price of Bitcoin.
The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Now a trainer at Family Tradinga community of thousands of self-employed traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and friendly atmosphere.
Bitcoin (BTC) Price Hypotheses
- As long as the Bitcoin price manages to stay above $60,000, we can anticipate a return of BTC above $64,500. The next resistance to consider, if the bullish movement continues, would be the $67,000 area. Higher up, we can highlight $70,000 and above. At this point, this would represent an increase of around 11%.
- If Bitcoin fails to hold above $60,000, we could see support for buying interest between $59,000 and $58,500. The next level to consider, if the bearish move continues, would be around $57,500. Further down, we can highlight the price range between $56,500 and $55,500. At this point, this would represent a decline of close to 11%.
Conclusion
After a significant drop, Bitcoin quickly rebounded, returning to a key price level. This rebound allowed it to reach the lower part of the range dating back to March. Despite a prolonged period of indecision, Bitcoin's medium and long-term structure remains bullish. Thus, this renewed buying interest suggests a possible bullish reversal underway for Bitcoin. Nevertheless, it will be crucial to carefully observe the price reaction to the various key levels to confirm or deny the current hypotheses. It is also important to remain vigilant against potential market “fake outs” and “squeezes” in each scenario. Finally, let us remember that these analyses are based solely on technical criteria and that the price of cryptocurrencies can also change rapidly depending on other more fundamental factors.
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