After experiencing a significant downtrend, Bitcoin (BTC) has encountered buying from the green support range of $66,666 – $65,80012. The price of Bitcoin is currently $67,338.98, with a 24-hour trading volume of $41,274,351,584.21. The market capitalization of Bitcoin is $1,394,246,700,172, making it the largest cryptocurrency by market cap.
The recent downtrend in Bitcoin’s price resulted in a decrease of approximately 6.23% from its previous highs1. However, the current market trend suggests that BTC is attempting to rally, with buying from the green support range. The bear flag formation that was previously identified has resulted in a bearish outlook, indicating a potential approach towards the lows at the double support area.
The $61k-$62k support level is identified as a pivotal support area that could significantly influence Bitcoin’s immediate market behavior1. This support level is chosen based on a consolidation period that previously catalyzed a bullish momentum, and it is poised to be a vital watchpoint for traders.
MEDIUM TERM BTC ANALYSIS
Bitcoin’s price has recently experienced a significant downtrend, with a decrease of approximately 6.23% from its previous highs. However, the cryptocurrency has shown signs of recovery, bouncing back above the $65,000 level. This rebound is noteworthy, especially considering the earlier forecast that anticipated a range between $65k to $69k.
A critical support level has been identified between $61k and $62k, which could significantly influence Bitcoin’s immediate market behavior. This level is chosen based on a consolidation period that previously catalyzed a bullish momentum, making it a vital watchpoint for traders.
The bear flag formation, which indicates a bearish outlook, suggests a potential approach towards the lows at the double support area. This development marks the inception of the current bearish channel.
Despite the recent downtrend, the $61k-$62k support level stands out as a significant potential turning point for Bitcoin. Given the current patterns and the bear flag breakout, the analysis leans towards a revisit to this double support zone. This area could dictate the short-term direction of Bitcoin.
Source: en.coinotag.com