Bitcoin Price Targets Lack of Confirmation of Bearish Bias Bulls Expected to Revisit 67000 Levels Soon
Bitcoin’s price has been keeping investors on edge, as the market remains indecisive between a bull or bear trend. Over the weekend, price action was relatively calm with low volatility and a slight bullish uptick. Many have questioned how we could be in a bull market when the price has been consolidating sideways for months, a pattern not typically associated with bullish trends.
Crypto World analyst Josh provided a detailed analysis of the current price trend, noting that despite a short-term pullback, the chart has remained relatively unchanged in recent days. The Bollinger Bands indicator is still tightly squeezing together, signaling a contraction on the 4-day time frame. This indicates that the Bollinger Bands width indicator is at historically low levels, often preceding a significant volatile move in Bitcoin’s price, possibly occurring soon. These volatile moves can be as large as 20-30% or more.
As long as Bitcoin’s price remains above previous lows, around $60,000 based on candle closes (with the wick low at approximately $56,000), it can technically continue within a larger bull market trend. However, a retracement below $56,000 could suggest the end of the bull market, though this has not been confirmed yet. The current sideways consolidation may not necessarily signal the end of the bullish trend.
Bitcoin recently retested a previous support area, now acting as resistance around $67,000 to $68,000. A break below this level would confirm it as new resistance, supported by the volume profile indicator, showing a significant cluster of traded volume in that range. The next major volume support cluster is around $63,000 to $64,000. The liquidation heat map indicates substantial liquidity around $64,600 to $65,000, with new liquidity forming around $67,300 to $67,400. This suggests that the price may revisit the resistance area before potentially facing another rejection due to the significant resistance present.
Tags: Bitcoin, Crypto news, Cryptocurrency, Price Analysis.