Bitcoin
Amid Bearish Predictions, Price Soars Above $63,000; What’s Next?
Bitcoin is once again bouncing back from a critical support area and the price chart could hint at the next near-term price target. Crypto World analyst Josh said that at the end of the weekend, an increase in volatility is expected in the new week due to increased trading volume and activity.
In his latest review 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 remain within a price range of $60,000 to $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 to $58,000, a break below $60,000 with confirmation is needed. 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-$62,600, indicating a potential near-term price target as Bitcoin frequently moves towards these key liquidity levels. This price is still within the current sideways range, suggesting continued choppy price action in the near-term.
According to him, Bitcoin remains in a large sideways consolidation range, with the Bollinger Bands narrowing and the Bollinger B indicator at very low levels. Over the past day, there has not been much change on 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 sideways price action or a slight bullish relief, but not an end to the downtrend. Over the past half-week, this prediction has come true with Bitcoin showing a sideways movement without confirming a bullish reversal.