Bitcoin Strikes A Chord At The Bottom, But Can It Clear This Major Resistance?
July 07 2024 - 1:00PM
NEWSBTC
The price of Bitcoin has increased by 6% since it crossed into the
$53,000 price territory on July 5. However, while the
cryptocurrency is now exhibiting short-term bullishness, it is
important to note that it is not out of the woods yet. Related
Reading: Buy The Dip? XRP Whales Doing Exactly That – Is A Price
Rally Next? There are still some serious resistance levels that
could keep BTC trapped in a range below $60,000 for the rest of the
month. According to a recent analysis by Captain Faibik, the
leading digital asset needs to close above the $61,000 mark before
everybody can be convinced of bullish momentum. Bitcoin Needs To
Clear Major Resistance The $61,000 price level isn’t just an
arbitrary price point. According to a recent analysis shared by
crypto analyst Captain Faibik, the $61,000 price is more of a
resistance level that resonates with Bitcoin’s price action over
the past two months. In a 4-hour Bitcoin/TetherUS timeframe chart
shared on social media platform X, the analyst drew two diverging
trendlines from Bitcoin’s brief break above $70,000 on June 6.
Since then, Bitcoin’s price decline has led to the creation of
lower highs and lower lows. In order for Bitcoin to cross
into total bullish momentum, it would need to cross over the upper
trendline, which has been tracking the lower highs since June 6.
Notably, this price level is around $61,000. $BTC seems to
have bottomed out, but it’s not out of the woods yet..!! Bitcoin
bulls need to clear the $61k Resistance area to regain Bullish
momentum.#Crypto #Bitcoin #BTC pic.twitter.com/rzROKaA0Xo — Captain
Faibik (@CryptoFaibik) July 6, 2024 Captain Faibik isn’t the only
analyst eyeing this crucial level either. Many agree that a daily
or weekly close above $61,000 would cement the end of Bitcoin’s
price correction. This crucial price level was echoed in an
analysis by Ali Martinez, another popular crypto analyst.
Martinez’s analysis is based on IntoTheBlock’s In/Out Of The Money
metric, which tracks the number of addresses that are profitable
and those that are in losses. As per Martinez’s take on this
metric, Bitcoin doesn’t have enough demand levels to prop it up in
case of a fall up to $47,000. Conversely, Bitcoin must close above
$61,000 for the bullish momentum to return. The $61,000 level is a
heavily contested zone with tons of trading activity. There are
approximately 1.7 million BTC addresses collectively holding over
600,000 BTC waiting to turn a profit at this price point. #Bitcoin
currently lacks significant support. The main key demand wall is
around $47,000, and for the bull run to resume, $BTC must close and
hold above $61,000. pic.twitter.com/9cD2otd4ZK — Ali (@ali_charts)
July 5, 2024 Related Reading: Is Dogwifhat (WIF) Down For The
Count? Price Tanks 15% On Whale Exodus What’s At Stake For Bitcoin?
Breaking past $61,000 is crucial for Bitcoin to prove its
resilience and re-establish an uptrend. Failing to do so could
reinforce the bearish narrative and trigger another sell-off.
Crypto analyst Rekt Capital also noted that Bitcoin needs a daily
close above $58,450 in order to fuel an upside to $60,600. Featured
image from Getty Images, chart from TradingView
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