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Bitcoin Price Prediction: Here’s Why Breaking $64,500 Could Send Bitcoin Soaring to $70K

Published by
Anjali Belgaumkar

Bitcoin is at a critical juncture. The long-term trend remains bearish, but short-term indicators show potential for bullish movement. If Bitcoin can break through the key resistance levels soon, it could signal a reversal. However, failing to do so may confirm the bearish divergence, resulting in more downward pressure in the coming weeks.

According to analyst Josh of Crypto World, for a long-term bullish trend, a confirmed breakout above the long-standing resistance line is necessary. This resistance has kept Bitcoin’s price down for the past six months and currently sits just below $68,000. Until Bitcoin breaks through this resistance, the upward moves may just be short-term trends within a larger bearish market.

Bulls Vs Bears: Who Will Win?

Currently, Bitcoin is battling resistance between $64,100 and $64,500. If it manages to surpass this, the next major challenge lies around $67,000 to $68,000, the last hurdle before aiming for new all-time highs. On the downside, there’s support around $63,000, with more robust support at $60,000 to $61,000 if a pullback occurs.

The hidden bearish divergence adds complexity to the situation. This pattern arises when the price forms lower highs, but the RSI (Relative Strength Index) shows higher highs. While a red candle appeared on the chart, confirming the divergence, it’s still early to say if it will lead to a bigger downtrend. 

Bitcoin Price Prediction: What’s Next?

The next few days will be crucial. If Bitcoin can break above $64,500 soon, this bearish divergence may be invalidated. However, if the price doesn’t move past this resistance within a week, the bearish divergence could gain strength, leading to a short-term downward trend.

The analyst said that Bitcoin’s liquidation heat map shows liquidity around $62,200. While there’s more liquidity on the downside, there’s also some building on the upside, starting around $64,800 and going up to $65,400. This means Bitcoin might face resistance if it tries to move higher.

He suggested that we might see a small drop toward $62,200 in the next day or two to clear this liquidity. After that, there’s still a chance Bitcoin could continue its short-term bullish trend. 

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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