According to analysts in the field, Bitcoin is at a decisive moment as new weekly close approaches. They have observed that Bitcoin broke a key consolidation zone after 125 days. This event could indicate a significant trend change in the market.
Two Possible Scenarios in the Short-Term
Experts present two possible scenarios for Bitcoin’s evolution in the short term. The first corresponds to a bullish scenario. If Bitcoin manages to rise above $60,000 by the end of the week, it could invalidate the recent drop and potentially reach $70,000.
The second corresponds to a bearish scenario. If Bitcoin closes the week below $60,000, it could then retreat to $44,233, its previous intermediate support.
The $60,000 threshold has become a crucial pivot point. Although the current market is slightly bearish, experts suggest that a recovery above this level could quickly reverse sentiment and push prices higher.
This analysis aligns with other market observations. Other analysts point out that Bitcoin must regain and stay above $61,000 to resume its bullish trend.
Bitcoin at a Crossroads
Currently, Bitcoin is trading at $56,825 after failing to stay above $57,000. The weekly close will determine whether BTC can regain lost ground or undergo further downward corrections.
Analysts are divided on Bitcoin’s short-term direction. The $60,000 area is considered a crucial resistance level. If the star of cryptocurrencies, Bitcoin, manages to break through and sustain it, this could mark the beginning of a new bullish trend.
Conversely, a failure at this level could lead to further declines. This week’s weekly close will be an important indicator for the future. Indeed, it’s a matter to follow closely in the cryptological sector!
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