According to the renowned crypto analyst Rekt Capital, the current behavior of Bitcoin’s price is giving knives, pointing out that the recent price rebound of the cryptocurrency seemed to be taking the shape of another local top, the same of which he painted in a blue square on his analysis charts. The observation aligns with how Bitcoin typically prices after rebounds, generally continuing sideways.
According to historical data, Rekt Capital claims that after a range consolidation, the likeliest direction for Bitcoin is for it to continue trading between $60,000 and $70,000. This $60,000 to $70,000 area has been a significant setting of Bitcoin activity and has seen several interactions of support and resistance.
Such consolidations, therefore, are crucial as they usually come preceding the important levels of price movement in either of two ways: breaking to new high levels or correcting to lower levels. At the time of writing, Bitcoin is valued at $67,884, reflecting a minor decrease of 1.00% over the past 24 hours, with a 24-hour volume of $106.36 billion. Additionally, Bitcoin’s market capitalization stands strong at $1.34 trillion.
Analysts Emphasize Bitcoin $67k Level
Two prominent voices, Capo Of Crypto and Michaël van de Poppe, have recently shared their perspectives on Bitcoin’s current market behavior. Capo Of Crypto has cited that a key area of support for Bitcoin is around the $67,000 region. According to him, demand has been building up at this level, so with this occurrence, he expects the level to hold strongly, with the result being a continuation of the bulls. He noted that should this support fail, the next significant one would come in around $65,000.
Capo Of Crypto also addresses the ongoing movements related to Mt. Gox, the infamous cryptocurrency exchange that faced a massive hack in 2014. He explains that funds are being transferred to a new wallet in preparation for repayments to affected users. This does not imply immediate disbursements; the repayment process will continue until October 2024. Therefore, there is no immediate cause for concern.
Another respected analyst, Michael van de Poppe, has detailed Bitcoin’s behavior in lower timeframes to give more credence to the discussion. According to him, Bitcoin has been consolidating between the important levels of $67,000 and $70,000. He now believes that the support at $67,000 is critical. A break of that would most cases move back to the $60,000 to $62,000 range.
Both note the critical nature of the $67,000 support level. Capo Of Crypto believes a bullish continuation is likely, considering it remains unbroken. When broken, the same level may open the doors to a retest of lower levels, indicating bearishness, notes van de Poppe. The details about the repayments of Mt. Gox give a bit more context: investors are assured that the process is continuing but will not immediately affect the market.
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