The post Bitcoin Analysts Identify Key Level to Determine BTC’s Next Price Trajectory appeared on BitcoinEthereumNews.com.

Market analysts pinpoint a crucial price level that could dictate the next price direction Bitcoin takes from the current position. According to pseudonymous market watcher Micro2Macro, this level rests on the 200-day moving average. Notably, Bitcoin (BTC) is currently witnessing a consolidation phase amid the drop in selling pressure. Despite the sustained distribution from the German government, the market has found some stability. Consequently, Bitcoin has continued to consolidate since last Saturday, seemingly indecisive. The crypto eventually saw a breakout today, spiking to retest the $60,000 territory. However, it faced immense resistance at the $59,459 high, subsequently losing the $59,000 and $58,000 thresholds. Amid the current period of uncertainty, analysts such as Micro2Macro believe this phase is pivotal for Bitcoin’s next direction. Bitcoin could break the recent downtrend to record a major rebound or it could witness steeper drops to lower lows. Significance of the 200-Day MA This next direction depends on the 200-day moving average, currently sitting at $58,895. According to Micro2Macro, BTC must recover the $59,000 threshold which aligns with the 200-day SMA. He asserted that a failure to do this would lead to sustained range-bound movements.  #Bitcoin needs to regain $59,000 near the 200 daily moving average, otherwise, we could trend down in this range until we form a nice bull flag. I’m hoping it stays down, but the technicals seem like it wants to break higher. pic.twitter.com/50njkwyYg2 — Micro2Macr0 (@Micro2Macr0) July 10, 2024 Interestingly, Micro2Macro suggests these movements are likely to lead to the formation of a bull flag. His analysis posits that regardless of the move from this spot, Bitcoin’s prospects remain bullish. However, a recovery of the 200-day moving average could help push prices up faster.  Despite this, the analyst wishes to see BTC consolidate further, looking to witness the formation of the bull…

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Filed under: News - @ July 11, 2024 12:20 am