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Analyst Spots $61,500 as Critical Bitcoin Price Level to Watch — TradingView News
In the context of the recent decline in the price of Bitcoin and the overall cryptocurrency market, popular cryptocurrency analyst and Titan of Crypto enthusiast highlighted the $61,500 price level as a crucial threshold to watch for the largest cryptocurrency.
Titan of Crypto analysis examines the above-mentioned level as a crucial point for Bitcoin that could determine the coin’s next price trajectory.
$61,500, a level to watch for Bitcoin
Today, May 14, BTC witnessed a sharp decline to nearly $61,500, demonstrating little momentum for a price recovery. While many would see this as a worrying development, Titan of Crypto considers it a noteworthy development. Consider this level significant and one to watch out for for Bitcoin.
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The cryptocurrency expert also warns of impending market volatility following Federal Reserve Chairman Jerome Powell’s speech later today. Titan of Crypto therefore invited the community to remember that it is better to postpone decisions until the close of the daily BTC candle and until the next one confirms the previous one.
The post said:
Bitcoin $61,500 is the level to watch. Expect volatility in the markets around Powell’s speech today. In any case, remember that it is wiser to wait for the closing of the daily BTC candle and confirmation with the next one before reaching a conclusion.
Although the expert predicts volatility for Bitcoin, he is confident that the cryptoasset’s bull run is far from over, suggesting that an upward movement is still possible.
According to Titan of Crypto, Bitcoin’s Risk-Adjusted Return Oscillator (RAR) indicator recently moved into the overbought area. However, according to the analyst, this should not be alarming, given that Bitcoin took more than eight months to peak after developing based on previous bull cycles.
Looking at Bitcoin’s price performance over the daily timeframe, the expert confirms that the digital asset “looks good.” As a result, BTC is tracking the bullish target at unprecedented levels, especially around $112,185. “This is a zero-sum game where impatient people give their money to the patient,” he added.
Possible retracement to $62,000
While Titan of Crypto predicts a rally, Ali Martinez, another cryptocurrency, predicted an initial price retracement. The expert highlighted the possibility of BTC falling to $62,000 in the short term.
According to the analyst, the 200 exponential moving average (EMA) on the 4-hour chart appears to be rejecting Bitcoin, while the TD Sequential indicator suggests a sell signal. If the development is confirmed, Martinez expects BTC to drop to $62,000.
However, for BTC to witness an upward movement, it needs to maintain a 4-hour candle close above the $64,000 mark. Therefore, with the coin trading below the $62,000 level, Martinez’s prediction appears to have already manifested itself.
At the time of writing, the coin was trading at $61,512, indicating about 1.98% over the past day. Its trading volume increased by 9.67%, while its market capitalization decreased by 2.65% over the past 24 hours.