Since July 5, the price of Bitcoin increased by 6 percent. The cryptocurrency has risen in price, but it is still a relatively low level. exhibiting short-term bullishnessIt is vital to understand that this is a very important issue. not out of the woods yet.
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BTC could be trapped below $60,000. There are some significant resistance levels. According to Captain Faibik’s latest analysis, BTC must reach a closing price above $61,000 to convince everyone of its bullish trend.
Bitcoin Must Clear Major Resistance
This $61,000 level of price is not just a random price. According to an analysis by Captain Faibik of crypto analyst, the 61,000 price level is more a resistance that resonates well with Bitcoin’s past price movements.
The analyst, in a chart of the 4-hour Bitcoin/TetherUS period shared on X social media platform, drew diverging trends from Bitcoin’s short break above $70,00 on 6th June. Bitcoin has been on a downward trend since then. This is reflected in lower highs and lows.
Bitcoin must cross the upper trendline which tracks the lower highs, since 6 June, in order to reach a bullish total momentum. Note that this level of price is about $61,000.
$BTC Although the economy has bottomed out it is not over yet.!
To regain Bullish momentum, Bitcoin bulls must clear the $61k Resistance Area.#Crypto #Bitcoin #BTC pic.twitter.com/rzROKaA0Xo
— Captain Faibik (@CryptoFaibik) July 6, 2024
This crucial level is not only being watched by Captain Faibik. A daily or weekly closing above $61,000 will cement the end to Bitcoin’s correction. Ali Martinez, a popular cryptocurrency analyst, also echoed this crucial price level in his analysis.
Martinez’s analyses are based on IntoTheBlocks’ In/Out Of Money metric. This metric tracks how many profitable addresses there are and which ones are not. Martinez believes that Bitcoin’s demand is not high enough to keep it afloat in the event of a drop up to $47,500.
Bitcoin, on the other hand, must reach a closing price above $61,000 to regain its bullish momentum. Trading activity is high at the $61,000 mark. Around 1.7 Million BTC addresses hold over 600,000.000 BTC collectively.
#Bitcoin Currently, the market is lacking significant support. To resume the bull run, we need to reach around $47,000. $BTC Close and Hold Above $61,000 pic.twitter.com/9cD2otd4ZK
— Ali (@ali_charts) July 5, 2024
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What Is at Risk for Bitcoin?
Bitcoin must break through $61,000 to show its strength and establish a new uptrend. Failure to do this could reinforce the negative narrative and cause another sell-off. Rekt Capital, a crypto analyst also noted Bitcoin requires a close of the day above $58,450 for it to rise to $60,000.
Chart from TradingView, based on Getty Images.
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Source: www.newsbtc.com
