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The price of Bitcoin has increased by 6% since it crossed into the $53,000 price territory on July 5. However, while the cryptocurrency is now exhibiting short-term bullishness, it is important to note that it is not out of the woods yet. Related Reading There are still some serious resistance levels that could keep BTC trapped in a range below $60,000 for the rest of the month. According to a recent analysis by Captain Faibik, the leading digital asset needs to close above the $61,000 mark before everybody can be convinced of bullish momentum. Bitcoin Needs To Clear Major Resistance The $61,000 price level isn’t just an arbitrary price point. According to a recent analysis shared by crypto analyst Captain Faibik, the $61,000 price is more of a resistance level that resonates with Bitcoin’s price action over the past two months. In a 4-hour Bitcoin/TetherUS timeframe chart shared on social media platform X, the analyst drew two diverging trendlines from Bitcoin’s brief break above $70,000 on June 6. Since then, Bitcoin’s price decline has led to the creation of lower highs and lower lows.  In order for Bitcoin to cross into total bullish momentum, it would need to cross over the upper trendline, which has been tracking the lower highs since June 6. Notably, this price level is around $61,000.  $BTC seems to have bottomed out, but it’s not out of the woods yet..!! Bitcoin bulls need to clear the $61k Resistance area to regain Bullish momentum.#Crypto #Bitcoin #BTC pic.twitter.com/rzROKaA0Xo — Captain Faibik (@CryptoFaibik) July 6, 2024 Captain Faibik isn’t the only analyst eyeing this crucial level either. Many agree that a daily or weekly close above $61,000 would cement the end of Bitcoin’s price correction. This crucial price level was echoed in an analysis by Ali Martinez, another popular…

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Filed under: News - @ July 7, 2024 5:18 pm