As of now, Bitcoin ($BTC) is priced at $60,688. Given the dynamic nature of the market, we are expecting significant price movements in the coming hours. Here’s a breakdown of potential scenarios that traders should keep an eye on:
1.Short-term Dip Followed by a Surge
Immediate Dip to $59,820: Bitcoin could experience a brief pullback towards the $59,820 level, which represents a key support zone. Traders might consider this level as an opportunity for short-term entry points.
Mild Recovery to $60,400: Following this dip, a rebound towards $60,400 is possible. This level is significant as it may confirm the strength of the support at $59,820. A quick recovery indicates bullish sentiment in the short term.
Strong Surge to $62,500**: After establishing support, Bitcoin could surge back to the $62,500 range. Traders should monitor this level as a potential resistance point, which might define the price’s upper limit for today and tomorrow. However, if $62,500 is breached, a further rise could be in play.
Larger Decline to $55,000**: Once Bitcoin hits this peak, a more substantial correction might follow, potentially bringing the price down to the $55,000 level. Traders should be cautious and prepared for volatility as the market retraces.
2.Increased Volatility with a Drop to $57,600
If Bitcoin fails to maintain its upward momentum, we could see increased volatility. In this case, a sharp decline towards **$57,600** might occur. This level represents another key support zone, and Bitcoin could remain around this price for the near term. Traders might expect some consolidation or sideways movement here before the next big move unfolds.
3.Market Manipulation and Short Squeeze to $62,000
There’s always the possibility of market manipulation. A sudden rise to **$62,000** could trigger a short squeeze, where traders holding short positions are forced to close their trades, adding buying pressure. This squeeze could create an artificial price spike before Bitcoin makes its next significant move.