Bitcoin Completes 9th Test of $60,000, Where Does Price Go From Here?
Bitcoin (BTC) has completed its ninth test of the $60,000 support level, indicating a possible change in the cryptocurrency’s trajectory. According to a crypto analyst, Bitcoin is facing important steps forward and is decisive the direction of this impulse it is important.
BTC Retests $60,000 Support For 9th Time
At X (formerly Twitter) posted published on July 3, a crypto analyst identified as ‘Dana Crypto Trades’ announced that Bitcoin has successfully completed its ninth test of the $60,000 support area. A level of support the price limit at which assets tend to stop falling, indicating the potential for cryptocurrency returns.
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A crypto analyst revealed that Bitcoin has maintained a support level of $60,000 for almost nine months, and during those months it has had many articles. price assessment. While the cryptocurrency showed strength by supporting this important level, Dana Crypto Trades emphasized that the support level has finally failed, resulting in The price of Bitcoin has dropped significantly.
He noted that the distinct difference between the previous price test and the latest is that many crypto investors and enthusiasts believe that the support level of $ 60,000 will be. Bitcoin down, expects it to stop further price declines. A crypto analyst pointed out that currently opinions seem to be divided direction Bitcoin will take with this new reassessment, which reveals that some people believe that $60,000 can hold as a support level, while others remain skeptical.
To highlight Bitcoin’s current lack of momentum, Dana Crypto Trades explained that the prices of cryptocurrencies usually cover certain levels for a long period of time, showing little upward or downward movement. He revealed that the overall trend of the high season is important in the decision future direction of Bitcoin price.
Additionally, He emphasized the importance of this does not break any support or resistance level of Bitcoin until it’s value has fully and undoubtedly peaked. The analyst added that after a compilation time, large price movements are often expected in cryptocurrency. This is because the market builds up a lot of momentum during the consolidation phase, which leads to a big breakout or breakout.
Analyst Predicts Big Bitcoin Price Swing
In one of his latest X’s postDana Crypto Trades shared a BTC price chart, noting that Bitcoin volatility indicators recently they have not changed. He revealed that typically when volatility drops to such low levels, it often signals significant price movement.
As a result, the analyst suggested that Bitcoin may be ready for large price swings. He reiterated that while the indicators show a big move ahead for Bitcoin, they do not specify the direction of the movement, highlighting the uncertainty of whether BTC will rise or fall.
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At the time of writing, The price of Bitcoin dipped below the $60,000 support level, settling at $57,359. The cryptocurrency experienced a significant decline of more than 5.14% during the last 24 hours.
The featured image was created with Dall.E, a chart from Tradingview.com
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