Cryptocurrency analyst Josh states that Bitcoin is facing a critical resistance area, indicating a potential short-term decline. Despite a slight breakthrough from the recent downward trend, Bitcoin remains under pressure and may continue this negative trajectory for weeks or months to come.
What do analysts expect?
Over the past week, Bitcoin has shown signs of breaking through the short-term downward trend. However, analyst Josh believes that without a confirmed uptrend reversal, BTC may continue to face a decline. The rising trend of the US Dollar Index (DXY) is one of the factors influencing this bearish outlook. Visit COINTURK FINANCE for the latest financial and business news.
Since approaching the $70,000 mark, Bitcoin’s price has mainly indicated a downward expectation. Josh warns that in this downward trend, there may be intermittent upward jumps and horizontal consolidation periods, similar to pullbacks in an upward trend. Investors should not be misled by these temporary fluctuations.
What levels should investors watch?
To invalidate the downward trend, Bitcoin needs a confirmed bullish signal, such as breaking through a key resistance level. Currently, BTC is struggling to break through the resistance area between $63,000 and $64,000. The significant selling pressure within this range has led to short-term price level fluctuations expected between $60,000 and $64,000.
Key takeaways for investors
A confirmed closing price below $60,000 could push BTC towards the support zone of $56,000 to $58,000. Breaking through the resistance at $63,000-$64,000 is crucial for a bullish market reversal. Unless there is a breakthrough, horizontal movement between $60,000 and $64,000 is anticipated.
Josh emphasizes that unless Bitcoin breaks through the critical resistance level, it will maintain a short-term downward trend. Without a confirmed bullish signal, this negative trend is expected to continue.
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