A prominent cryptocurrency analyst has raised concerns about the current price levels of Bitcoin fluctuating around $69,000.
Potential Declines and Market Trends
The analyst warns that if Bitcoin loses the $65,000 level as support, it could signal the beginning of a downward trend. However, if the level holds, the price could rise again to the $74,000 level.
Despite the unexpected 'strength' in BTC, the backdrop still looks negative. While trading around $70,000, you’ll want to see a recovery around $65,000 to keep bullish expectations alive.Credible Crypto
Market Dynamics
The analyst emphasizes that surpassing the $71,000 mark does not indicate a strong market trend.
I considered breaking $71,000 bullish, as I assumed we wouldn’t breach these levels without seeing the next upward push. Instead, we broke in a corrective manner, and the instant movement weakened with record high leveraged long positions among us.Credible Crypto
Current Status of Bitcoin
At the time of writing, Bitcoin is trading at $69,708.
Price movements sustained by continuous upward action provide simple and impulsive price action (PA). Continuous dividend-focused movements are not impulsive.Credible Crypto
The analyst notes that market dynamics and support levels play a crucial role in determining Bitcoin’s future movements, and investors should shape their strategies considering these critical support levels.