Altcoins
Bitcoin’s Next Move to Dictate Market Direction; Rejection Could Lead to Altcoin Bloodbath
Bitcoin quickly slipped into the green zone over the weekend, posting some fun gains. The largest cryptocurrency is currently trading above $63k levels, raising the question of whether this upward move is reliable. On Crypto Banter’s Dylan’s Trading Show, the analyst hinted that Bitcoin could potentially reach $70,000 in the coming weeks, making it an interesting topic to follow.
Moving on to the Bitcoin chartexplained that Bitcoin is currently pushing into a significant downtrend on a daily chart. He gave a warning but said that a confirmation of support around the $62,100 level would be crucial for a sustained upside move. He also opened on a key support level at $59,850, which is a significant bullish support level, with another major level at $58,300, the previous low and the 200-day moving average.
For now, he explained the importance of breaking the current trend before becoming more positive. He said that a rejection at the current level could lead to a decline in altcoin prices. The analyst also shared information on the Fear and Greed Index, noting that it was at 47% (neutral) after being at 30 (fear) the previous day, indicating a change in market sentiment over the weekend.
Analyst Rekt Capital also explained a scenario involving Bitcoin crawling above $70k levels. He wrote on X, “Bitcoin is doing all the right things to form a price action cluster at this Range Low at $60600. This cluster could develop throughout July. But ultimately, it exists to set up Bitcoin for a rally back to the Range High at $71500.”
According to Crypto Capital Venture, Bitcoin is currently at a pivotal point. This area is important and will likely set the tone for the next significant move, either up or down, for the entire cryptocurrency market.
Zooming in on the daily chart, he noticed a potential conflict in the market, with some speculating on a triple top formation similar to the last bull cycle. Bitcoin hovered around the all-time high range of the previous cycle, barely surpassing it. He stressed the importance of understanding what both failure and success would look like at this crucial point, as they will dictate the direction of the market.