Bitcoin’s price has been gradually declining in the past two weeks, but analysts believe that it may have reached its lowest point between $63,000 and $65,000.
According to MN Capital founder Michaël van de Poppe, Bitcoin likely hit its bottom in this range. He pointed out that Bitcoin had a modest bounce from $64,950 to a high of $66,455 on June 20, indicating a potential upward momentum. He shared a chart showing BTC bouncing off a key demand level between $63,000 and $65,000.
Another analyst, Jelle, expressed a similar sentiment, stating that Bitcoin was fighting to maintain its range lows around the $65,000 support level. He mentioned that bulls were working on reversing the market structure to establish a higher low and higher high. Jelle emphasized the importance of reclaiming $66,000 as confirmation of strength.
Bitcoin’s price is currently supported by the ascending trendline on the daily chart, forming a series of higher lows. To sustain the recovery, Bitcoin bulls need to keep the price above this level. The appearance of a doji candlestick also highlights the significance of the $65,000 level for both buyers and sellers.
If the ongoing battle is lost, Bitcoin may retreat to the 200-day exponential moving average (EMA) at $64,300, which acts as the last line of defense. Data from IntoTheBlock suggests that this level is reinforced by strong support from a significant number of addresses that previously bought approximately 1.07 million BTC within the $64,018–$65,975 price range.
However, if Bitcoin manages to break past the resistance provided by the 100- and 50-day EMAs at $66,699 and $67,000 respectively, it could enter a phase of price discovery. Moustache, a popular analyst, believes that Bitcoin’s price may not drop below $70,000 again. He highlighted an inverse head-and-shoulders pattern on the daily timeframe, which indicates a potential reversal setup. If this pattern continues, Bitcoin’s price could experience a significant upward breakout towards its next key level of $72,000, potentially surpassing its current all-time high price of $73,835 and even making a run for $100,000, according to Jelle.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and assessment of risks before making any investment or trading decisions.