💥💥💥 #bitcoin☀️ Holds Steady at $63,000: Analysts Weigh In on Next Steps

Bitcoin Nears $66,000 Amid Rebound Phase, Analysts Eye Key Technical Levels

Bitcoin seems to be entering a rebound phase, with its price nearing the $66,000 mark after briefly touching a 24-hour high of $64,893 earlier today. The cryptocurrency has since pulled back slightly, trading at $63,786, reflecting a minor 0.2% decline over the past day. Despite this small dip, analysts are divided on Bitcoin’s immediate future, focusing on critical technical levels that could determine its next significant move.

What's Next for Bitcoin?

Crypto analyst Emperor noted that Bitcoin bounced from the $58,000 support zone, which he identified as a key buy zone. He highlighted that Bitcoin has reclaimed the 200-day EMA on the 4-hour chart, seeing this as a positive sign.

Emperor highlighted that Bitcoin’s recent price movements, including front-running the quarterly open and sweeping weekend range lows, are characteristic of a strong uptrend. Although he suggests that Bitcoin may not see continuous upward momentum this week, he remains bullish, with the next target being the monthly open. He concluded by advising caution, stating:

“I will be taking some profits on swing positions. The ultimate direction is up, but now is the time to gradually take profit on Bitcoin while bidding on alts.”

Is Another Correction on the Horizon?

While Emperor remains bullish on Bitcoin, Macro Johanning is more cautious, noting that Bitcoin’s recent peak at $65,100 might signal a temporary exhaustion of momentum, possibly leading to a dip to around $61,000 before any further gains.

Johanning highlighted the importance of upcoming economic data, including U.S. Consumer Confidence, Nvidia's earnings, Q2 GDP, Pending Home Sales, and PCE Inflation data, in influencing Bitcoin’s short-term direction. He noted $67,000 as Bitcoin's next key resistance level following its current consolidation.

Source - newsbtc.com

#CryptoTrends2024 #BinanceSquareBTC #CryptoMarketTrend