Bitcoin
Deeper Falls to $60K Levels on Cards Amid Growing ‘Death Cross’ Concerns
Crypto Banter’s Kyle Doops Show analyst is currently leaning towards a 65% to 70% uptrend for Bitcoin, indicating that confidence in the market continues to rise. The immediate focus is to break the month’s high of $72,000. If bulls achieve this, it could signal additional bullish momentum.
Critical close of the 5-day candle
The analyst said that we have about 16 hours and 56 minutes left until the current 5-day candle closes on the Bitcoin chart. These candles are crucial because Bitcoin has been trying for 55 days to surpass $69,615 without success. This creates a tense situation where low volatility could soon lead to a big move – either a strong rise or a sharp fall, possibly all the way to $60,000. If this candle closes above $69,000, it is very bullish. Otherwise, we could see a deeper drop.
Low volatility and potential swings
Volatility is currently very low at 2.43%, which usually happens before large price swings. In previous corrections, prices rose when volatility reached close to 10%. Bitcoin has been in correction for 91 days, the longest in this Bull Run. If it does not recover soon, the correction could continue into the third quarter.
Current price levels and technical concerns
According to Elliott Wave theory, Bitcoin is in wave 4, probably around $56,000. Confirmation of the end of Wave 4 would be a close above the high of Wave 3, signaling the start of Wave 5, which typically starts with low volatility before a large upward move. Wave 5 is when things get exciting, especially for altcoins. There may be several Wave 5 cycles in the overall bull market, offering chances to buy on the dip.
Bearish signals and support levels
At the moment, Bitcoin is stuck at the mid-$67,500 level. If it goes above $73,000, that’s bullish. If it fails to hold above $69,000, we could see more short-term trading within this range, potentially dropping to around $63,000.
There is concern about a “death cross” forming, indicating potential bearish pressure unless Bitcoin manages to reclaim key levels. If support breaks, the next significant bounce level will be around $63,000 to $64,500.
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