Market Reset Complete Bullish Relief Fades Bitcoin Price Prediction Sets Sights on 70K

Bitcoin Finds Itself at Critical Support Level, Facing Crucial Test for Short-Term Future

Bitcoin is once again in a make-or-break situation as it hovers around a crucial support level, with analysts closely monitoring its movements for signs of a major move.

According to Crypto World analyst Josh, Bitcoin has been in a bearish trend, as indicated by the Super Trend indicator on the 4-day chart. This trend is characterized by lower highs and lower lows, suggesting that downward pressure may continue. However, within this bearish trend, Bitcoin has managed to find temporary relief by bouncing off a significant support level.

In the past week, Bitcoin has experienced what is known as a “bullish relief,” which is a temporary rebound in price following a period of oversold conditions. This type of bounce is common during bearish trends, where brief upward movements or sideways price action occur as the market resets.

Currently, Bitcoin is hovering around the $60,000 to $61,000 support zone, which has historically served as both resistance and support. While a recent breakout above this level is a positive sign, the market remains cautious.

To shift the overall trend back to bullish, Bitcoin will need to break through multiple resistance levels, with the first significant barrier at $63,000. Beyond that, the $67,000 to $68,300 range represents another major resistance zone that could determine Bitcoin’s near-term price direction.

Interestingly, the current price action is reminiscent of patterns observed during the March 2020 crash, where Bitcoin formed a double bottom before rallying. This time, Bitcoin has followed a similar path, experiencing a sharp drop followed by a minor recovery. The key difference now lies in whether this relief can transform into a sustained rally or if the bearish trend will resume.

Tags: Altcoins, Bitcoin