Analyst sets Bitcoin path between $48K and $67K; What is next for BTC?
The post Analyst sets Bitcoin path between $48K and $67K; What is next for BTC? appeared on BitcoinEthereumNews.com.
The Bitcoin (BTC) market has recently witnessed significant selling pressure, pushing prices down to $53,500 amid a large-scale sell-off by the German government and repayments by Mt. Gox’s creditors. However, after the sharp decline, Bitcoin has shown resilience, rebounding to $57,500. In a July 9 post on X (formerly Twitter), trader Justin Bennett provided a detailed breakdown of Bitcoin’s current trends, supported by crucial technical indicators and price movements. Bennett’s analysis of the BTC/USDT chart indicates a critical juncture for Bitcoin. After a sustained downward trend, Bitcoin has reached a support level near $57,773. The price is currently testing the resistance zone between $60,162 and $60,751. In his analysis, he outlined two scenarios – bearish rejection and bullish rebound. Bitcoin price analysis chart. Source: Justin Bennett / X If Bitcoin manages to reclaim and hold above the $58,400 level, a retest of the $60,000 to $60,700 range is highly probable. The price action within this range will be pivotal in determining the next significant move for BTC. Should Bitcoin break and hold above the $60,700 resistance level, it is likely to continue its upward trajectory towards the $67,000 zone. A successful retest and hold at $67,000 could further bolster bullish sentiment, potentially driving the price towards higher resistance levels at $71,868.6 and ultimately $73,949, indicating a bullish rebound. Conversely, if Bitcoin fails to reclaim the $58,400 level or gets rejected at the $60,000 to $60,700 resistance range, a downward movement is likely. A failure to break above $60,700 could lead to a bearish reversal, driving the price back down toward the $58,400 support level. Breaking below $58,400 would likely accelerate the downward momentum, with the next significant support level around $48,185. Upcoming economic indicators Crypto market participants are eagerly awaiting the U.S. CPI data, which is expected to be released…
Filed under: News - @ July 10, 2024 3:22 pm