Bitcoin Price Forecast Support Levels Weaken as Price Struggles to Maintain Stability Above 66K

Crypto World analyst Josh recently shared his insights on the current state of Bitcoin in a recent video. While he that Bitcoin is currently finding support at a critical level, he also highlighted potential developments worth monitoring in the short term.

Before delving into the Bitcoin charts, Josh recent news concerning a significant net out of over $150 million from Bitcoin ETFs He explained that this outflow represents selling pressure as these ETFs unload Bitcoin into the market. Josh cautioned that such outflows typically hinder bullish price actions, suggesting a more bear sentiment might prevail amidst these developments.

Analyzing the Bitcoin charts, first examined the 4-day chart and noted no major changes in recent times. Moving to the daily chart he pointed out an interesting development—a slight drop in DXY (the U.S. Dollar Currency Index). If this drop continues, it could potentially signal a bullish indicator Bitcoin. However, Josh warned that this drop is currently only a short-term pullback and emphasized the need for a more sustained decline to boost Bitcoin’s prospects.

Josh also referred back to his previous warnings about potential bearish actions in Bitcoin’s price. He reiterated his belief that the short-term outlook for Bitcoin has been bearish since it broke below a critical support level around $67000. Currently, however, he observed that Bitcoin has found support within the range of $63,000 to $64,000 where recent price bounces have occurred.

Looking ahead, Josh suggested that there may be a phase of short-term consolidation for Bitcoin lasting one to two weeks. This consolidation could involve choppy price movements within specified support and resistance zones. One factor contributing to this outlook is a new bullish divergence observed by Josh. He also noted that weekdays tend to experience higher volatility compared to weekends when market activity calms down.

In conclusion,