Bitcoin price falls below critical support level after rejection at $70,000

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Bitcoin has fallen recently below the critical support level between $67,000 and $68,000, it failed to exceed the threshold Price level $70,000 successfully. Based on cryptocurrency analyst Josh’s analysis, the flagship cryptocurrency needs to climb above this critical support level soon or it risks falling into a bearish trend.

Bitcoin needs to climb above $68,000

Josh mentioned in video on his YouTube channel that Bitcoin needs to make a confirmed break above $68,000 to return to the upside and likely experience more upward moves to resistance levels between $72,000 and $74,000. WITH Bitcoin currently below $67,000a cryptocurrency analyst noted that the area in between $67,000 and $68,000 is currently an area of ​​powerful resistance to watch out for in the tiny term.

Bitcoin’s failure to quickly rise above $68,000 could lead to further near-term declines to $63,000 to $64,000, an area where Josh claimed there was decent trading volume. A cryptocurrency analyst also suggested this Bitcoin fell to $64,000 could come quickly, as highlighted by the volume profile indicator, which showed there was little trading volume between $66,000 and $64,000.

Meanwhile, Josh outlined a scenario where Bitcoin could rise to around $67,000 to attract a gigantic amount of liquidity and liquidate tiny positions around this area. He noted that this area coincides with the resistance level between $67,000 and $68,000.

As such, he warned that Bitcoin may experience a short-term rebound and then be rejected at the resistance level. He again stated that Bitcoin would need to exceed $68,000 to confirm that the pullback is over.

Huge move on the horizon for BTC

Analyzing the four-day chart of Bitcoin, Josh found that Bollinger Bands continue to move closer together, indicating there will be “significant movement” over the next few weeks. He added that the move will be volatile and that Bitcoin could potentially see a price move of 20% to 30%.

Longer term, Josh noted that Bitcoin continues to trade sideways and undergo the massive consolidation that typically occurs during “much greater upward trend” As such, the analyst suggested that Bitcoin is still far from the market top despite the recent price decline. Based on predictions from other cryptocurrency analysts such as CrediBULL CryptoBitcoin is still expected to do so increase to $100,000 in this market cycle.

Rekt Capital cryptocurrency analyst he also warned against price declines in the face of a boom. He stated that Bitcoin will pull back far enough to convince anyone that the bull run is over before it resumes its uptrend.

Bitcoin is trading around $65,400 at the time of writing, down 1% in the last 24 hours, according to data. data from CoinMarketCap.

BTC drops to $64,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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