The post Market Reset Complete, Bullish Relief Fades; Next Target: $70K appeared on BitcoinEthereumNews.com.

Bitcoin is once again at a crucial support level, facing a critical test that could shape its short-term future. Analysts are closely watching as Bitcoin repeats familiar patterns, hinting at the possibility of a major move.  Analyst Josh of Crypto World said that Bitcoin has been in a bearish trend, as indicated by the Super Trend indicator on the 4-day chart. This trend is characterized by lower highs and lower lows, suggesting a continuation of downward pressure. However, within this bearish trend, Bitcoin has found temporary relief, bouncing off a significant support level. Over the past week, Bitcoin has been experiencing a “bullish relief”—a temporary rebound in price following a period of oversold conditions. This bounce is not uncommon during bearish trends, where brief upward movements or sideways price action occur as the market resets. Key Support and Resistance Levels As of now, Bitcoin is hovering around the $60,000 to $61,000 support zone, a critical area that has historically served as both resistance and support. A confirmed breakout above this level, as seen recently, is a positive sign, but the market remains cautious. To flip the broader trend back to bullish, Bitcoin needs to break through multiple resistance levels, with the first significant barrier at $63,000. Beyond that, the $67,000 to $68,300 range is another major resistance zone that could determine the direction of Bitcoin’s price in the near term. Comparing Current Trends to Past Market Behavior Interestingly, the current price action mirrors patterns seen during the March 2020 crash, where Bitcoin formed a double bottom before rallying. This time, Bitcoin has followed a similar path, with a sharp drop followed by a minor recovery. The key difference now lies in whether this relief can turn into a sustained rally or if the bearish trend will resume. Source: https://coinpedia.org/news/bitcoin-price-prediction-market-reset-complete-bullish-relief-fades-next-target-70k/

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Filed under: News - @ August 11, 2024 1:02 pm