Bitcoin (BTC) Price Analysis: BTC Swiftly Drifts Into the Green Zone, Raising the Question of Whether This Upward Move Can Be Trusted

Bitcoin has swiftly drifted into the green zone over the weekend, registering some amusing gains. The largest cryptocurrency is currently trading above the $63k levels

Bitcoin price enjoyed a refreshing session in the green over the weekend, registering some amusing gains. The largest cryptocurrency is currently trading above the $63k levels, begging the question- can this upward move be trusted?

On Crypto Banter’s Dylan’s Trading Show, the analyst hinted that BTC could potentially reach $70,000 in the coming weeks, making it an interesting topic to watch.

Moving to Bitcoin’s chart, he explained that BTC is currently pushing into a significant downtrend on a daily chart. A warning was expressed, but a confirmation of support around the $62,100 level would be crucial for a sustained upward move.

A key support level at $59,850 was opened up, which is a significant bull support level, with another important level at $58,300, the previous low, and the 200-day moving average.

For now, he explained the importance of breaking the current trend before becoming more positive. A rejection at the current level could lead to a dip in altcoin prices.

Information was shared on the Fear and Greed Index, which noted it was at 47% (neutral) after being at 30 (fear) the previous day, to indicate a shift in market sentiment over the weekend.

Analyst Rekt Capital also explained a scenario involving BTC crawling above the $70k levels. He wrote on X, “Bitcoin is doing all the right things to form a cluster of price action at this Range Low at $60600. This cluster could develop over the whole month of July. But ultimately, it exists to prepare Bitcoin for a rally back to the Range High at $71500.”

#BTC Bitcoin is doing all the right things to form a cluster of price action at this Range Low at $60600This cluster could develop over the whole month of JulyBut ultimately, it exists to prepare Bitcoin for a rally back to the Range High at $71500$BTC #Crypto #Bitcoin https://t.co/mQVoQh7DHW pic.twitter.com/d71PQqtkyg

According to Crypto Capital Venture, BTC is currently at a crucial pivot point. This area is important and is likely to set the tone for the next significant move, whether upward or downward, for the entire cryptocurrency market.

Zooming out on the daily chart, he noted a potential conflict in the market, with some speculating about a triple top formation, which is something that was observed in the last bull cycle. Bitcoin has been seen hovering around the previous cycle’s all-time high range, barely breaking above it. He stressed the importance of understanding what both failure and success at this pivot point would look like, as they will dictate the market’s direction.

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