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<p>The post <a href="https://coinpedia.org/news/bitcoin-price-prediction-warning-signals-point-to-potential-drop-to-60k-turning-resistance-into-support-is-crucial/">Bitcoin Price Prediction: Warning Signals Point to Potential Drop to $60K; Turning Resistance into Support is Crucial</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://www.youtube.com/watch?v=Qdl9a__9_PY" target="_blank" rel="noreferrer noopener nofollow">Analyst Josh of Crypto World</a> recently revealed that Bitcoin is currently facing rejection from a critical resistance level and is simultaneously flashing short-term warning signals. This hints that new liquidations could be on the edge. Here is a breakdown of his analysis:</p> 
<h2 class="wp-block-heading" id="h-bitcoin-s-current-market-behavior"><strong>Bitcoin’s Current Market Behavior</strong></h2> 
<p>Starting with the four-day Bitcoin chart, there hasn’t been significant movement over the past day. Looking at the daily Bitcoin chart, we observe a period of sideways consolidation, with choppy price action reflecting the US Dollar Index (DXY). The DXY’s neutral position means it isn’t exerting much influence on Bitcoin’s price.&nbsp;</p> 
<p>Historically, a bearish DXY signals bullish prospects for Bitcoin, while a bullish DXY tends to be bearish for Bitcoin. Currently, the DXY has not confirmed a bullish trend reversal and remains in a bearish trend, which is a positive sign for Bitcoin’s trend and momentum. However, it’s essential to note that short-term pullbacks can occur even within a bullish trend.</p> 
<h3 class="wp-block-heading" id="h-critical-resistance-levels"><strong>Critical Resistance Levels</strong></h3> 
<p>At present, <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> is experiencing a short-term rejection at the resistance zone between approximately $67,000 and $68,000. The upper limit of this resistance is just above $68,000, as shown by the volume profile showing substantial traded volume around these levels.&nbsp;</p> 
<p>Should Bitcoin manage to break above this resistance with confirmed daily candle closes and potentially flip it into support, the next major resistance lies between $72,000 and $74,000. However, if Bitcoin faces further rejection from this resistance, major support is expected around $63,000 to $64,000.&nbsp;</p> 
<p>A break below $63,000, especially dipping towards or below $60,000, would signal a bearish trend reversal. Another bearish indicator would be a bullish reversal in the DXY, which hasn’t occurred yet.</p> 
<h3 class="wp-block-heading" id="h-short-term-warning-signals"><strong>Short-Term Warning Signals</strong></h3> 
<p>The daily Bitcoin chart reveals a confirmed bearish divergence on the six-hour chart, where higher highs in price are met with lower highs in the Relative Strength Index (RSI). A bearish divergence typically signals a loss of bullish momentum and can lead to sideways consolidation or a short-term pullback.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/robert-kiyosakis-bitcoin-price-prediction-if-trump-wins-the-us-election/" target="_blank" rel="noreferrer noopener">Robert Kiyosaki’s Bitcoin Price Prediction if Trump Wins the US Election</a></p>

Bitcoin Price Prediction: Warning Signals Point to Potential Drop to $60K; Turning Resistance into Support is Crucial

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Andre artikler udgivet 23. jul. 2024

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