Bitcoin Stuck In Two Ranges, What Will Be The Next Strategy For BTC Price?

The crypto space is currently trying to rebound from the bearish divergence and get above their respective resistance levels. And hence Bitcoin also flipped the downtrend for a second consecutive time. The asset previously bottomed to these levels but flipped notably and rallied above $59K. However, the surge was also limited below $60K which quickly plunged towards the support zone. Currently, the BTC price yet again reversed the trend from these levels and headed towards the $60K target. 

So what reversed the price movements during the early trading hours that flipped the market sentiments? Here are a couple of bullish indicators that point out a notable surge awaiting ahead. 

  • Huge Whale Accumulations In The Past Week:- Nearly 59K Bitcoin have been accumulated by the addresses that hold between 100 to 10K BTC
  • BTC Balance Keeps Decreasing On Spot/Derivative
  • 3-Day Consecutive Negative BTC Netflow

What May The Next Plot For Bitcoin(BTC) Price Trend?

Bitcoin price no doubt has reversed the downtrend yet the upward trajectory cannot be confirmed yet. The asset is required to maintain a strong uptrend until it nullifies the downtrend line. And only in such a case, one can expect a notable surge above $60K levels in the coming days. Or else as predicted by a popular analyst, BTC price may slip again around $50K levels after breaking $55K support levels. 

The analyst says, the major support line is around $55500 and the resistance zone is between $67K to $69K. However, the asset needs to test the crucial levels at the 200-day MA that falls around $61500. As the analyst expects a selling pressure to be mounted once the asset reaches these levels. One BTC price sustains these critical zones, then the path beyond ATH around $70K will be clearly visible. 

Collectively, the current Bitcoin reversal is still very misty as the validation of an uptrend may be as the asset reaches certain levels. Therefore, it’s mandatory for the BTC price to rise and sustain above the crucial resistance levels close to $60K. And finally, ignite the bull run that may head towards the target much beyond $80K. 

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.