Bitcoin (BTC) Bitcoin has completed its ninth test of the $60,000 support level, signaling a potential reversal in the cryptocurrency’s trajectory. According to a crypto analyst, Bitcoin faces major moves ahead, specifically The direction of this momentum Decisive.
Bitcoin Retests $60K Support Level for Ninth Time
In X (formerly Twitter) mail On July 3, a cryptocurrency analyst known as Dana Crypto Trades announced that Bitcoin had successfully completed its ninth test of the $60,000 support area. Support level It is a price threshold at which assets tend to stop falling, indicating a possible recovery in the cryptocurrency.
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The cryptocurrency analyst revealed that Bitcoin has maintained the $60,000 support level for about nine months, and during those months it has undergone several Price testsWhile the cryptocurrency showed its strength by holding this crucial level, Dana Crypto Trades highlighted that the support level eventually failed, leading to Bitcoin price drops sharply.
He pointed out that the distinctive difference between the previous price tests and the latest test is that many investors and crypto enthusiasts believe that the $60,000 support level will be Bitcoin Bottomexpecting that this will stop further price declines. The cryptocurrency analyst revealed that opinions currently seem divided on The direction that Bitcoin will take With this new test, some individuals have revealed their belief that the $60,000 level will remain the support level, while others remain skeptical.
Highlight Current lack of momentum in BitcoinCryptocurrency prices often consolidate around specific levels for a long period of time, showing little upward or downward movement, explained Dana CryptoTrades. He revealed that the overall trend of the higher time frame was important in determining Bitcoin price future direction.
In addition, he stressed the importance of Do not rule out any support or resistance level. From Bitcoin until its price breaks completely and definitely in a higher time frame. The analyst added that after Unification periodLarge movements in cryptocurrency prices are often expected. This is because the market gains significant momentum during a consolidation phase, leading to a major breakout or crash.
Analyst predicts huge fluctuations in Bitcoin prices
In one of his latest works X postsDana Crypto Trades shared a BTC price chart, noting that Bitcoin Volatility Indicators Volatility has become less volatile lately. He revealed that when volatility drops to such low levels, it often signals a big price move.
As a result, the analyst suggested that Bitcoin may be preparing for a large price fluctuationsHe also stressed that while indicators point to a big move coming for Bitcoin, they do not specify the direction of the move, highlighting the uncertainty about whether Bitcoin will rise or fall.
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At the time of writing, Bitcoin price The cryptocurrency fell below the $60,000 support level, settling at $57,359. The cryptocurrency saw a significant decline of over 5.14% in the past 24 hours.
Featured image created using Dall.E, chart from Tradingview.com