Bitcoin
Amid pessimistic forecasts, price soars above $63,000; what’s next?
Bitcoin is once again bouncing off a critical support area and the price chart could suggest the next near-term price target. Crypto World analyst Josh said that with the weekend over, an increase in volatility is expected with the new week due to higher trading volumes and activity.
In his latest analysis videothe analyst said a confirmed bullish reversal would require a breakout above strong resistance levels and a bearish reversal in the DXY, which has not yet happened.
In the immediate short term, Bitcoin is expected to stay within a price range of $60,000-$64,000. However, in the next one to two weeks, he predicts that Bitcoin will break out of this range, with a higher chance of falling due to the current bearish trend.
To expect a move towards the key support area of $56,000-$58,000, a break below $60,000 with confirmation is necessary. Until then, Bitcoin remains neutral in the short term but has not reversed the downtrend. At the time of writing, Bitcoin is up more than four percent and is trading near $64K levels.
Do the bulls refuse to take control?
Bitcoin’s liquidation heatmap shows significant liquidity around $62,500 to $62,600, indicating a potential near-term price target as Bitcoin frequently moves toward these key liquidity levels. This price is still within the current sideways range, suggesting continued and choppy price action in the near term.
According to him, Bitcoin remains in a large range of sideways consolidation, with the Bollinger Bands narrowing and the Bollinger B indicator at very low levels. In the last day, there was not much change in this chart.
For several weeks, he has been warning that as long as the DXY is trending up, Bitcoin will likely continue its short-term downtrend. He predicted a period of choppy sideways price action or a slight bullish relief, but not an end to the downtrend. In the last half of the week, this prediction has come true with Bitcoin showing sideways movement without confirming a bullish reversal.