Bitcoin (BTC) is encountering challenges in maintaining its $67,000 support level. However, if it can hold this position, there are indications that a reversal might occur. As of the current update, Bitcoin’s price stands at $67,835. Over the past 24 hours, it has seen a trading volume of $110.43 billion and a market capitalization of $1.34 trillion. The price of BTC has risen by 0.84% in the last 24 hours.
A well-known crypto analyst known as Mags has shared an insightful analysis of Bitcoin’s current price behavior, identifying critical levels and forecasting potential future movements for the flagship digital asset. Bitcoin has encountered its fourth rejection at the upper boundary of its current trading range.
Bullish or Bearish? Bitcoin’s Mid-Range Support Crucial
Since March, Bitcoin has fluctuated between $60,500 and $71,500, consistently hitting resistance at the higher end of this range without successfully breaking through. The critical support level to monitor is around the mid-range at $65,000, essential to maintain the current bullish market structure. While price ranges typically exhibit a neutral stance, there is a substantial likelihood of a breakout that aligns with the overarching higher time frame trend.
A trading range characterized by a downside fakeout in a strong uptrend generally points to an increased chance of an upside breakout. Given that the upper and lower boundaries of this range have been tested multiple times over the past few months, the market is signaling that a significant breakout is imminent.
For bullish traders, the expectation is that BTC will either see a proactive bounce off the mid-range or maintain support at this level. Conversely, bearish traders might be looking for a breakdown below $65,000, which could lead to a retest of the range low at $60,500, a scenario that would not bode well for the bulls.
The long-term outlook for Bitcoin is still optimistic although we see the different scenarios of its short-term. Until there are concrete evidences against it, the higher time frame market structure is still bullish. Mags’ analysis highlights that Bitcoin’s price action will be important in the coming days and weeks. The market participants should watch cautiously as the Bitcoin comes close to a definitive breakout.”
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