The current Bitcoin market situation, despite its downward trend, offers several interesting aspects for analysis. Analyst Josh from Crypto World highlights the key resistance and support levels, points to weekend market volatility, and examines DXY's influence on the cryptocurrency.
Key Resistance and Support Levels
The Supertrend indicator remains red, underscoring ongoing bearish sentiment. Bitcoin is likely to continue in this broader bearish trend until it breaks above significant resistance in the range of $67,000–$68,000. On the daily chart, Bitcoin has rebounded from a key support zone between $60,000–$61,000. If this support holds, short-term resistance is expected around $63,000, with further resistance near $64,200. Stronger resistance lies closer to the $67,000-$68,000 range.
Weekend Volatility and Key Liquidity Levels
Over the weekend, Bitcoin's price may stay relatively stable with minor bullish relief. If Bitcoin sees an upswing, liquidity zones around $62,700, $63,400, and $64,200 could serve as potential resistance areas. However, a drop could see Bitcoin test liquidity near the $60,000 mark, a scenario more likely during the week when trading volume rises.
DXY Influence and Weekend Outlook
A recent bullish spike in the DXY has posed bearish pressure on Bitcoin and the broader crypto market. While DXY typically does not trade over weekends, low volatility and trading volumes can often lead to more stable weekend price action for Bitcoin. The chart shows that the RSI has reset to a neutral level, giving Bitcoin more room to the downside. This reset could lead to continued bearish trends after short-term consolidation or mild relief.
Thus, as markets remain pressured by DXY, attention is focused on the key resistance and support levels of Bitcoin. The overall picture shows that future volatility may alter short-term dynamics, providing investors with new opportunities to assess the situation in the cryptocurrency market.