Since July 5, the price of Bitcoin increased by 6 percent. The cryptocurrency has risen in price, but it is still a relatively low level. exhibiting short-term bullishnessWhen it comes to the importance of this, you should not forget that not out of the woods yet.
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BTC could be trapped below $60,000. There are some significant resistance levels. A recent analysis conducted by Captain Faibik suggests that the digital currency’s price must rise above the $61,000 level before the bullish trend can be confirmed.
The Bitcoin needs to clear major resistance
This $61,000 level of price is not just arbitrary. According to Captain Faibik’s recent analysis, the $61,000 level is more a resistance that corresponds with Bitcoin’s price movement over the last two months.
On a Bitcoin/TetherUS chart with a timeframe of 4 hours, shared by the social media site X on June 6, an analyst drew contrasting trendlines from Bitcoin’s quick break over $70,000. Bitcoin’s decline in price has since led to lower highs, and lower lows.
Bitcoin must cross the upper trendline which tracks the lower highs, since 6 June, in order for it to gain total bullish momentum. Note that this level of price is about $61,000.
$BTC It seems that the market has bottomed, but we’re not yet out of danger.!
For Bitcoin Bulls to gain Bullish momentum they need to break through the $61k Resistance level.#Crypto #Bitcoin #BTC pic.twitter.com/rzROKaA0Xo
— Captain Faibik (@CryptoFaibik) July 6, 2024
This crucial level is not only being watched by Captain Faibik. A daily or weekly closing above $61,000 will cement the end to Bitcoin’s correction. Ali Martinez, a popular cryptocurrency analyst, also echoed this crucial price level in his analysis.
Martinez’s Analysis is Based on the IntoTheBlock In/Out of The Money Metric, which counts how many addresses are profiting and those who are losing money. According to Martinez, this metric shows that Bitcoin does not have the demand to support it in case its price drops to up to $47,000.
Bitcoin’s bullish trend will return if it closes above $61,000. This $61,000 price level has a lot of activity and is highly contested. Around 1.7 Million BTC addresses hold over 600,000.000 BTC collectively.
#Bitcoin Currently, the market is lacking significant support. To resume the bull run, we need to reach around $47,000. $BTC Close and Hold Above $61,000 pic.twitter.com/9cD2otd4ZK
— Ali (@ali_charts) July 5, 2024
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What is at Stake for Bitcoin?
Bitcoin needs to break above $61,000 in order to reestablish a positive trend and prove that it is resilient. A failure to achieve this goal could reinforce a bearish narrative, triggering another market sell-off. Rekt Capital is a cryptocurrency analyst. also noted Bitcoin requires a close of the day above $58,450 for it to rise to $60,000.
Chart by TradingView. Image from Getty Images.
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Source: www.newsbtc.com