Bitcoins (BTC) completed its ninth test of the $60,000 support level, indicating a potential change in the cryptocurrency’s trajectory. According to the crypto analyst, Bitcoin is facing significant moves and determines the direction of this momentum is crucial.
BTC tests support at $60,000 for the ninth time
WX (formerly Twitter) fasting published on July 3, a crypto analyst identified as “Dana Crypto Trades” stated that Bitcoin has successfully completed the ninth test of the $60,000 support region. support level is the price threshold at which the asset stops failing, signaling the possibility of a cryptocurrency rebound.
A cryptocurrency analyst revealed that Bitcoin held the $60,000 support level for about nine months, and during that time it went through a lot of changes price tests. While the cryptocurrency showed strength by holding this key level, Dana Crypto Trades highlighted that the support level ultimately failed, leading to significant drops in Bitcoin prices.
He noted that a distinctive difference between the previous price tests and the latest one was that many investors and cryptocurrency enthusiasts believed that the $60,000 support level would be Bitcoin bottompredicting that this will halt further price declines. The cryptocurrency analyst revealed that opinions currently seem to be divided on the subject the direction Bitcoin will go After re-checking, some believe the support level will be $60,000, while others remain skeptical.
Backlighting Bitcoin’s current lack of dynamicsDana Crypto Trades explained that cryptocurrency prices often consolidate around certain levels for an extended period, showing minimal movement up or down. He revealed that the overall trend on high time frames was significant in determining future direction of bitcoin price.
He also stressed the importance without rejecting any support or resistance level Bitcoin until its price breaks through completely and undoubtedly in a higher time frame. The analyst added that after consolidation periodin the case of cryptocurrency, enormous price swings are often expected. This happens as the market builds significant momentum in a consolidation phase, resulting in a significant breakout or breakdown.
Analyst predicts massive bitcoin price swings
In one of his latest X postsDana Crypto Trades shared a BTC price chart, noting that Bitcoin Volatility Indicators have become less volatile recently. He revealed that typically when volatility drops to such low levels, it often signals a significant price move.
As a result, the analyst suggested that Bitcoin may be preparing for enormous price fluctuationsHe also stressed that while the indicators signal an upcoming massive move for Bitcoin, they do not determine the direction of the move, highlighting the uncertainty of whether BTC will rise or fall.
At the time of writing this text, Bitcoin price fell below the $60,000 support level, settling at $57,359. The cryptocurrency has experienced a noticeable decline of over 5.14% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
