Bitcoin is currently trading above $58,000 after a quick rebound from the worrying $56,000 level. The broader crypto market is showing mixed signals, leaving everyone wondering what’s next for the leading cryptocurrency.
For Bitcoin to gain solid momentum, it first needs to reclaim the $60,000 mark and continue its march toward $62,000. While reaching new all-time highs seems like a distant goal at the moment, there’s still hope that the final quarter of the year could bring renewed optimism. As market sentiment picks up, the long-awaited rally to $100,000 may once again become a possibility.
According to analyst Josh of Crypto World, the Super Trend Indicator is still showing a bearish signal in red. This shows that Bitcoin is still in a downward phase, with lower highs and lower lows being formed. The key support level sits at $52,500, while resistance lies near $68,000.
One admirable event was a recent decline in the DXY (U.S. Dollar Index), which hints at a potential bullish short-term move for Bitcoin. Historically, the DXY and Bitcoin often move in opposite directions. While a drop in DXY is a bearish sign for the dollar, it usually benefits Bitcoin in the short term. This aligns with the latest Bitcoin price prediction trends suggesting potential short-term gains.
Despite the recent bullish action, Bitcoin still faces key resistance levels. According to the volume profile, there’s significant resistance at around $59,500, $61,000, and $645,000. Even though Bitcoin’s short-term momentum is improving, breaking through these levels will be critical for sustained growth.
The 3-hour chart reveals a bearish divergence in the RSI (Relative Strength Index), showing a potential slowdown in Bitcoin’s bullish momentum. Over the next day or so, this divergence might lead to some choppy sideways action or a minor pullback. Bearish divergence typically suggests a loss in bullish strength. In this case, it could mean that Bitcoin’s short-term rally might lose steam soon.
Also Check Out: Top Altcoin Picks For Q4: Render (RNDR), Fetch.ai (FET) And Two Other Altcoins For Massive Gains
The crypto market has witnessed a significant downturn today, with the total market capitalization dropping…
XRP is under pressure today as the market struggles. With Bitcoin nearing $100K and Ethereum…
The United States is getting closer to passing a major crypto law. On June 10,…
Blockchain analytics firm Chainalysis reported that a crypto wallet linked to the defunct dark web…
James Wynn, a high-risk trader, has taken the crypto world by storm: from turning a…
The crypto market is crashing today as Elon Musk and President Donald Trump’s clash has…