Bitcoin Despite Bearish Predictions Price Surges Above 63000 Whats Next

Bitcoin is once again showing resilience as it bounces back from a critical support area, and market analyst Josh from Crypto World suggests that the price chart may provide clues about its short-term targets. With the weekend drawing to a close, he expects increased volatility as trading volumes and activity pick up in the new week.

In his most recent analysis video, Josh explains that a confirmed bullish reversal would require Bitcoin to break through strong resistance levels and for the DXY, a measure of the dollar’s value against a basket of currencies, to experience a bearish reversal. However, these conditions have not yet been met.

In the immediate short term, Bitcoin is projected to trade within the $60,000-$64,000 range. However, over the next one to two weeks, there is a higher likelihood of the cryptocurrency breaking out of this range, with a greater chance of a downward move due to the prevailing bearish trend.

To anticipate a move towards the major support area of $56,000-$58,000, a confirmed break below $60,000 is needed. Until then, Bitcoin remains neutral in the short term and has yet to reverse its bearish trend. At the time of writing, Bitcoin has seen an increase of over four percent and is trading around the $64,000 mark.

The Bitcoin liquidation heatmap reveals significant liquidity around the $62,500-$62,600 range, indicating a potential short-term price target as Bitcoin tends to gravitate towards these liquidity levels. However, this price range still falls within the current sideways movement, suggesting ongoing volatile price action in the near future.

According to Josh, Bitcoin is currently stuck in a broad consolidation range, characterized by tightening Bollinger Bands and a Bollinger B indicator at very low levels. There hasn’t been much change in this chart over the past day.

For a few weeks now, Josh has been cautioning that as long as the DXY remains bullish, Bitcoin is likely to continue its short-term bearish trend. He predicted a period of choppy sideways price action or a slight bullish relief, but not a complete end to the bearish trend. And over the past few days, his prediction has been proven right as Bitcoin has exhibited sideways movement without confirming a bullish reversal.

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