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BTC Eyes $60K As Stock Market Recovers
Bitcoin (BTC) price suffered aย fatal crashย last week as it slipped from near $70,000 levels to a low of $48,914. However, the recent 10% bounce in Japanโs stock market index, Nikkei, has caused cryptos, including BTC, to show promising signs of recovery
Bitcoin price eyes a comeback
Despite the brutal 30% correction in Bitcoin price, the five-month, down-trending consolidationโs range low seems to be holding well. Since Mondayโs low of $48,914,ย BTC priceย has bounced 14% and currently exchanges hands around $56,000, according toย TradingViewย data.ย
The five-month Bitcoin price consolidation has set up three key levels that BTC investors need to be cautious about:
Value Area Low (VaL) โ $61,906
Point of Control (POC) โ $66,946
Value Area High (VaH) โ $70,283
70% of the range is considered a value area, and the lowest and highest points are termed VaL and VaH, respectively.
A recovery above the immediate resistance level at $57,289 is required. Such a movement will suggest that the bulls are serious. If BTC price manages to create a foothold above the aforementioned level, it will open the path for the recovery rally to continue
Under these conditions, Bitcoin price could target a retest of the $60,000 psychological level after a 4.5% rally from $57,289. Any move beyond this level is unlikely to be sustained, especially if BTC manages to retest the VaL at $61,906.
On the other hand, if Bitcoin price fails to recover above the immediate resistance level at $57,289, it would signal a weakness in the market. Furthermore, the uncertainty surrounding the Japanese stock market is still not cleared, and if the Fed decides to take a drastic step to its dual mandate, it could add to the volatility and trigger a market crash. Such a development should seeย Bitcoin price predictionย suggest a revisit to the $52,287 support floor
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Bitcoin (BTC) price suffered aย fatal crashย last week as it slipped from near $70,000 levels to a low of $48,914. However, the recent 10% bounce in Japanโs stock market index, Nikkei, has caused cryptos, including BTC, to show promising signs of recovery
Bitcoin price eyes a comeback
Despite the brutal 30% correction in Bitcoin price, the five-month, down-trending consolidationโs range low seems to be holding well. Since Mondayโs low of $48,914,ย BTC priceย has bounced 14% and currently exchanges hands around $56,000, according toย TradingViewย data.ย
The five-month Bitcoin price consolidation has set up three key levels that BTC investors need to be cautious about:
Value Area Low (VaL) โ $61,906
Point of Control (POC) โ $66,946
Value Area High (VaH) โ $70,283
70% of the range is considered a value area, and the lowest and highest points are termed VaL and VaH, respectively.
A recovery above the immediate resistance level at $57,289 is required. Such a movement will suggest that the bulls are serious. If BTC price manages to create a foothold above the aforementioned level, it will open the path for the recovery rally to continue
Under these conditions, Bitcoin price could target a retest of the $60,000 psychological level after a 4.5% rally from $57,289. Any move beyond this level is unlikely to be sustained, especially if BTC manages to retest the VaL at $61,906.
On the other hand, if Bitcoin price fails to recover above the immediate resistance level at $57,289, it would signal a weakness in the market. Furthermore, the uncertainty surrounding the Japanese stock market is still not cleared, and if the Fed decides to take a drastic step to its dual mandate, it could add to the volatility and trigger a market crash. Such a development should seeย Bitcoin price predictionย suggest a revisit to the $52,287 support floor
FOLLOW uS
Like & Share
commenT
#Hotternds
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.ย See T&Cs.
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