Analysts Explained! Bitcoin (BTC) Investors Should Follow This Level and These Events for the Rise!

#Bitcoin fell below $ 50,000 on Monday with a sharp decline, but it quickly recovered in the last two days and rose above $ 60,000.

Now, while the questions "Will Bitcoin continue its rise? Or was this rise a trap? Will the price fall again?" are on the minds, analysts shared their expectations.

"A weekly close above $ 61,800 in Bitcoin will direct buyers to BTC and may encourage its price to rise rapidly towards $ 67,000. However, failure to pass this level and a possible pullback will cause the price to return to its lows in July and August around $ 55,500.

In addition, $ 61,800 marks the point where the 50 and 200-day simple moving averages meet, and this level appears as a critical level for the continuation of the rise."

Bitcoin's Rise Depends on Geopolitical Issues and the FED!

In addition to Kuptsikevich, analysts at investment consultancy firm Two Prime also announced their #BTC# expectations. In a note sent to clients, Two Prime analysts stated that they expect an increase in Bitcoin, and said that the rise in BTC depends on geopolitical issues and #FED policy.

“We continue to monitor $54,000 as a major support area in Bitcoin, followed by $50,000.

So far, these levels have worked well, and every time Bitcoin reaches this area, there has been persistent buying demand.

Now, we are waiting to see whether the Israel/Iran conflict escalates for the rise in Bitcoin and whether the US government will take steps to reduce risks both in the geopolitical area and in the FED's monetary policy.”