Bitcoin
No confirmation of volatile changes; This is where the serious fireworks will begin
Short-term trends appear a bit choppy for the cryptocurrency market and the potential for a pause remains persistent. After navigating the red zone, Bitcoin has now drifted into the green zone, trading above $61,500 levels.
Analyst Perspective on Price Range
Crypto World Analyst Josh said Bitcoin has been stuck in a huge sideways range lately, fluctuating between about $73,000 and $56,000. Historically, these periods of calm often precede big price fireworks. So brace yourselves: some serious action could be coming.
Technical Analysis Insights
Looking at the 3-day chart, the analyst noticed that the Relative Strength Index (RSI) has dropped below 50. Over the past two years, whenever this has happened, it has often turned out to be a good time to buy Bitcoin, especially if you are thinking long-term.
Now looking at the daily chart, things get a little bearish. The US Dollar Index (DXY) has been flexing its muscles, and that usually spells trouble for Bitcoin in the short term. But here’s a twist: the daily RSI recently reached oversold levels. It’s as if a red light turns green for a brief pause in the downward slide.
Important levels to watch? Well, between $60,000 and $61,000 is where Bitcoin appears to be holding right now. But drop below $56,000 and things can get ugly. On the other hand, if Bitcoin can break above $63,000, $67,000 or even $72,000 to $74,000, the currency could see some serious fireworks again.
Looking at key technical indicators such as Bollinger Bands and Bollinger Band Width, he noted that over the last day, these indicators showed minimal changes. This lack of movement suggests that no significant, volatile changes have yet begun, especially over the broader period where such movements have historically ranged between 20% to 30% or more over several weeks.
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