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Despite bearish forecasts, the price rises above $63,000. What will happen?
Bitcoin is once again bouncing from a critical support area and the price chart may hint at the next short-term price target. Analyst Josh of Crypto World said that as the weekend comes to an end, volatility is expected to increase with the new week due to increased trading volumes and activity.
In his latest analysis videoThe analyst said that a confirmed bullish reversal would require a break above strong resistance levels and a bearish reversal in DXY, which has not yet occurred.
In the immediate short term, Bitcoin is expected to remain within a price range of $60,000-$64,000. However, in the next one to two weeks, he expects Bitcoin to break out of this range, with a higher probability of breaking down due to the current downtrend.
To expect a move towards the main support area of $56,000-$58,000, a break below $60,000 is needed with confirmation. Until then, Bitcoin remains neutral in the short term but has not reversed the bearish trend. At the time of writing, Bitcoin is up more than four percent and is trading near $64k levels.
Bulls refuse to take over?
The Bitcoin liquidation heatmap shows significant liquidity around $62,500-$62,600, indicating a potential near-term price target as Bitcoin frequently moves towards these important liquidity levels. This price is still within the current sideways range, suggesting continued and choppy price action in the near term.
According to him, Bitcoin remains in a broad sideways consolidation range, with the Bollinger Bands tightening and the Bollinger B indicator at very low levels. There hasn’t been much change on this chart over the past day.
For several weeks, he warned that as long as DXY is bullish, Bitcoin will likely continue its short-term bearish trend. He predicted a period of choppy sideways price movement or a slight bullish relief, but not the end of the bearish trend. In the last half of the week, this prediction has come true with Bitcoin showing a sideways movement without confirming a bullish reversal.
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