Cryptocurrency analyst Josh stated that the price of Bitcoin is facing a crucial resistance zone, indicating a potential short-term decline. Despite a slight breakthrough from the recent downtrend, Bitcoin still faces pressure and may continue this negative trajectory for weeks or months.
What are the analyst’s expectations?
In the past week, Bitcoin has shown some signs of breaking the short-term downtrend. However, analyst Josh believes that without a confirmed reversal of the upward trend, BTC may continue to face a decline. One of the factors influencing this bearish outlook is the rising trend of the US Dollar Index (DXY). Visit COINTURK FINANCE for the latest financial and business news.
Since approaching the $70,000 mark, the price of Bitcoin has mainly indicated downward expectations. Josh warns that intermittent upward jumps and horizontal consolidation periods, similar to pullbacks in an upward trend, may occur within this downtrend. Investors should not be misled by these temporary fluctuations.
What levels should investors focus on?
To invalidate the downtrend, Bitcoin needs a confirmed bullish signal, such as a breakthrough of a key resistance level. Currently, BTC is struggling to break through the resistance zone between $63,000 and $64,000. The significant selling pressure within this range is expected to cause price fluctuations between $60,000 and $64,000 in the short term.
Key takeaways for investors
A confirmation of a closing price below $60,000 could push BTC towards the support zone of $56,000 to $58,000. Breaking through the resistance level of $63,000 to $64,000 is crucial for a bullish reversal. Unless a breakthrough occurs, a horizontal movement between $60,000 and $64,000 is expected.
Josh emphasizes that Bitcoin will maintain its short-term downtrend unless it breaks through the critical resistance level. Without a confirmed bullish signal, this negative trend will continue.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies, which carries risks, and should conduct their own research.