Cryptocurrency analyst Kaz contacted the local Bitcoin Summitnoting that the leading cryptocurrencies do not have much room to rise. The analyst also explained why Bitcoin may now fall below the psychological level of $60,000, which represents a new low for the cryptocurrency asset.
Bitcoin top is about to form as prices drop below $60,000
in Share XKaz said that Bitcoin is very close to the local top, although market participants expect a continued rise to $90,000. He pointed out that the last local peak was around $97,000, when people were calling for a rise to $108,000, but that did not happen. Instead, Bitcoin was rejected from the daily newspaper Fair Value Gap (FVG) There was a huge decline.
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Kaz stated that the same price action is appearing again, with Bitcoin very close to the local high and a daily FVG. The analyst predicted that BTC may be rejected from the daily FVG and formation Local summit Between $80,000 and $82,000. He also stated that the final range would not be eliminated in an instant but would prefer it to be a slow bleed.
The analyst also pointed to the first week of May where a Bitcoin top could form. Commenting on the current price action, he noted that Bitcoin has only swept the highs and formed equal lows on the lower time frame, which is very likely to be swept. The accompanying chart showed that Bitcoin could fall as low as $56,000 on the next move lower. Meanwhile, Kaz revealed that he will add to short positions if Bitcoin crosses the $80,000 range.
BTC is no longer in bear mark mode
in Share XCryptocurrency analyst Colin stated that Bitcoin remains in the yellow channel, with $81,000 resistance at the upper border. The analyst noted that a break above this upper bound would be bullish while a break below the lower bound at $72,000 would be bearish. He added that if Bitcoin continues to gradually rise within the channel, it will collide with it upper resistance Between $80,000 and $86,000.
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This is where Bitcoin will struggle to maintain its upward momentum and will likely find a local top to complete, Colin warned. Relief march. He explained that this range is very likely to be a rejection point for BTC, as there is a convergence between the upper resistance levels, the 200-day moving average (MA) and the upper band of the channel. The accompanying chart showed that Bitcoin could fall to around $66,000 when this rally ends.
At the time of writing, Bitcoin is trading at around $75,600, down more than 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Pixabay, chart from Tradingview.com
