Bitcoin Price Movement Analysis
Bitcoin (BTC) has been a central point of interest lately, as it encounters significant consolidation just above the $60,000 mark. Crypto trading expert Alan Santana has shared insightful analysis on the latest price movements in a post on TradingView on June 30, outlining potential correction targets.
Bitcoin’s Next Low Prediction
The analysis points out that the support range for Bitcoin’s imminent dip, known as the “maximum pain point,” is between the Fibonacci retracement levels of 0.618 and 0.786, calculated based on the most recent bullish wave. Here are the key points to note:
- The 0.618 Fibonacci retracement level stands at $42,855.
- The 0.786 Fibonacci retracement level is at $34,900.
- Bitcoin is unlikely to drop below $30,000 according to Santana’s analysis.
βBitcoin shall never, ever, in the history of humanityβs kind trade below $30k. Think of the bottom of the correction, maximum pain point in-between this price range. Can be the low of the range just as it can be the high or the middle,β the expert emphasized.
Santana predicts that the bottom of the correction could land anywhere within the mentioned range, including at the lower end, upper back, or somewhere in between.
Furthermore, Bitcoin remains in a consolidation phase but faces the risk of dropping below the $60,000 support zone. The network is witnessing a resurgence of retail investors, with a significant increase in new BTC addresses, reflecting growing confidence in Bitcoin’s potential.
Bitcoin’s Current Price Analysis
As of now, Bitcoin is trading at $61,470, showing daily gains of nearly 1%. On a weekly chart, Bitcoin is down by over 4%. Here’s a breakdown of the technical analysis:
- Oscillators mostly neutral, with nine neutral, one sell, and one buy indicator.
- Moving averages indicate a strong sell, with 11 sell, one neutral, and three buy indicators.
- Overall summary recommends selling Bitcoin, with 12 sell, 10 neutral, and four buy indicators.
With Bitcoin reclaiming the $61,000 level, sustaining gains above this mark is crucial to avoid further corrections in the price. Stay informed and monitor these levels closely to make informed decisions regarding your Bitcoin investments.
π₯ Hot Take: Bitcoin Consolidation and Outlook
Bitcoin’s recent consolidation above $60,000 has sparked interest among investors and traders. As the market awaits Bitcoin’s next move, it’s essential to stay vigilant and observe the key technical indicators and support levels highlighted by experts like Santana. Whether you’re considering buying, selling, or holding Bitcoin, understanding the market dynamics and potential price movements is crucial to making informed decisions about your crypto investments.
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