The largest cryptocurrency Bitcoin (BTC) recently broke above the critical range and as the selling pressure has significantly decreased, bearish scenarios have slowly started to give way to bullish scenarios. After breaking $62,000, market participants are now targeting $70,000, but a possible pullback to $60,000 could slow down this rise.
Bitcoin Price Volatility Peaks
Bitcoin’s price volatility peaked over the weekend, showing a different trend as investors embraced the bearish trend. With an 8% increase since the weekend, sentiment has shifted in favor of bulls who are targeting $70,000 in the short term. However, before reaching new monthly highs, bulls are expected to face strong downward resistance that could temporarily delay the upward move. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Those who are currently long Bitcoin are seeing high gains, suggesting that the worst may be over for the price trend. In addition, whales took advantage of the low prices and sold over $4 billion between July 4-10 as short-term investors sold their holdings. BTC Despite last week’s crash, Bitcoin’s price is set to re-enter the post-whale reaccumulation range.
Beware of Retreats
While the chart is bullish, Bitcoin has not completely escaped the bearish effects. Hash strips show that miners remain under pressure and potential capitulation is still on the horizon. This suggests that despite the recent rally, Bitcoin is still in a consolidation range.
So far the price has recovered in a V shape and is currently testing a critical resistance area. Once this level is breached, the bullish momentum could strengthen and potentially push the price Gaussian ChannelIt can rise above the lower support of .
This scenario could signal the start of a new uptrend, which could pave the way for the price to break above the key resistance at $65,000 and reach $70,000. Until then, Bitcoin’s price could consolidate between $62,500 and $64,800 and wait for the next bullish momentum to arrive.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
