Following days of extreme volatility, BTC established a ranging zone around $62K.
An analyst identifies $61K and $72.4K as support and resistance, where a breach would be significant.
Bitcoin is expected to further crash to $51,200 or soar to a price of $86,000.
Following days of bloodbath in the crypto market, Bitcoin appears to have found a new ranging zone around the $62K threshold. According to CoinMarketCap data, Bitcoin saw a 3.21% drop in the last 24 hours, with its price at $61,800.
Similarly, Ethereum mirrored Bitcoin’s trajectory, witnessing slight negative gain over the past day, with its price at $3,020. Meanwhile, other prominent digital assets ranking in the top ten, like BNB and Toncoin (TON), have registered paltry positive gains of below 1% at press time.
Amid Bitcoin’s newfound trading zone, prominent market watchers like Ali Martinez are forecasting the market’s next move, considering bearish and bullish scenarios. In a recent post on X, Martinez pointed out Bitcoin’s most crucial support and resistance levels amid consolidating in a parallel channel. He noted that the asset’s crucial ranging point is between $61,000 and $72,400, and a breach would significantly impact the crypto market.
Let's keep it simple and only focus on support and resistance!By the looks of it, #Bitcoin has been consolidating in a parallel channel, which makes $61,000 the most important support level and $72,400 the most important resistance level.If $BTC breaks below support, it could… pic.twitter.com/ae5M2g9CX2
— Ali (@ali_charts) April 16, 2024
On the bearish side, the analyst argued that should Bitcoin lose the $61K support, the asset would tank further by 15% to $51,200. Notably, on Saturday, when Bitcoin crashed to $60,900, the dip was barely 10%, and altcoins like BONK and PEPE plummeted by over 40%.
Meanwhile, Martinez’s bullish market scenario requires Bitcoin to conquer the $72K resistance. In recent weeks, BTC has found this resistance level formidable. The last few times it tested it, it failed to overcome it.
Nonetheless, the analyst projected that a successful breakout from $72,400 would send Bitcoin to an unprecedented price of $86,000. With a market value of $63,500, Bitcoin needs a 13% rally to surpass $72,400.Market participants reacting to the analyst’s project expressed that negative energies now abound in the crypto sphere, suggesting the crash to $51K could occur sooner than the surge to $86K.
The post Bitcoin Holds Steady at $62K: Can Bulls Push Past $72K Resistance? appeared first on Coin Edition.
