Bitcoin, the leading cryptocurrency, is at a pivotal point as it encounters its second rejection from the week’s opening level of $68,524. This rejection comes just before the crucial month-end candle close on Friday, a significant event for determining future price action.
The current trend remains within an uptrend consolidation range on the weekly and monthly time frames. Despite this, Bitcoin is trading above the daily 20 SMA, a level it rarely bypasses without a brief interaction. Analyst Zen suggests that a dip below this moving average is highly likely.
Bitcoin (BTC) Price Analysis
Zen highlights that if Bitcoin experiences a dip without high volume, it might seek liquidity around the $64,000 mark. The monthly 20 SMA is rising toward $61,500, serving as another mid-term price magnet.
He also identifies key invalidation and support levels: a 4-hour close above $68,525 could lead to a rapid retest of approximately $71,000 and a potential breakout to all-time highs. Additionally, Zen points out the importance of liquidity pools, with notable ones above at $68,530, $69,277, $71,300, and $71,944, and below at $66,810, $65,860, $64,262, and $63,090.
Ethereum’s Influence and Support Levels
Ethereum’s recent price movement is another factor influencing Bitcoin’s trajectory. Ethereum has dropped below its range middle and is likely to dip further, potentially supporting the idea of a Bitcoin pullback.
Key levels to watch include $73,881 (ATH), $71,363 (March close), $70,393 (last week’s value area high), $68,540 (week close), $67,750 (week high/last week’s value area low), and $66,239 (last week’s open). These levels are crucial for understanding price action and potential support or resistance points.
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Market Sentiment and Future Outlook
Market sentiment, as indicated by the Fear & Greed Index, has shown a slight decline, moving from 75 to 73. This sentiment shift could impact Bitcoin’s price movements in the near term. Zen emphasizes that while the bearish scenarios are prominent, invalidation levels and support from Ethereum could play a crucial role in Bitcoin’s price direction.
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The post Bitcoin Faces Crucial Month-End Close: Will BTC Break $71K or Dip to $64K? Key Metrics to Watch appeared first on CaptainAltcoin.