Analyst Josh of Crypto World took to his latest analysis and revealed that Bitcoin is still showing a short-term bearish signal, repeating its past price movements. He said that over the last day, nothing major has changed.
Examining the daily Bitcoin chart, he saw that the DXY (U.S. Dollar Index) is trending upwards, forming higher lows and highs, indicating a bullish trend for the DXY but bearish for Bitcoin in the short term. This pattern has been consistent since Bitcoin was around $67,000. When the DXY trends upwards, it usually means bearish momentum for Bitcoin, and vice versa.
Currently, the short-term trend for Bitcoin remains bearish. It hasn’t confirmed any bullish trend reversal yet. However, during this bearish trend, we might see small bounces or sideways consolidations. Over the past few days, he has anticipated a break or relief from the bearish trend for the remainder of the week, which seems to be playing out.
In the short term, Bitcoin’s price action has been following a pattern: a slight move down before the weekend, flat price action over the weekend, and increased volatility as the new week begins. This has been consistent over the past few weeks.
If Bitcoin closes below $60,000, the next significant support level is between $56,000 and $58,000. Breaking below $56,000 could spell trouble for the larger time frames. For resistance, we have key levels at $63,000 to $64,000 and $67,000 to $68,000, with additional resistance at $72,000 to $74,000.
The analyst also saw a small move down before the weekend, which has been a recurring pattern. Over the weekend, the price might see flat, low-volatility price action, followed by increased volatility next week.
Lastly, he said to keep an eye on Bitcoin’s liquidation levels. There’s significant liquidity around $60,300 to $60,400 and $62,500, with substantial short position liquidations at $63,700 to $63,900 and $65,000.
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