Bitcoin’s Next Move To Dictate Market’s Direction; Rejection Might Lead To Altcoin Bloodbath

Bitcoin has swiftly drifted into the green zone over the weekend, registering some amusing gains. The largest cryptocurrency is currently trading above the $63k levels,  raising the question of whether this upward move can be trusted. On Crypto Banter’s Dylan’s Trading Show, the analyst hinted that Bitcoin could potentially reach $70,000 in the coming weeks, making it an interesting topic to watch. 

Analyst Insights: Potential Path to $70,000

 Moving to Bitcoin’s chart, he explained that Bitcoin is currently pushing into a significant downtrend on a daily chart. He expressed a warning but said that a confirmation of support around the $62,100 level would be crucial for a sustained upward move. He also opened up about a key support level at $59,850, which is a significant bull support level, with another important level at $58,300, the previous low, and the 200-day moving average.

Chart Analysis: Key Support and Resistance Levels

For now, he explained the importance of breaking the current trend before becoming more positive. He said that a rejection at the current level could lead to a dip in altcoin prices. The analyst also shared information on the Fear and Greed Index, noting it was at 47% (neutral) after being at 30 (fear) the previous day, indicating a shift in market sentiment over the weekend. 

Analyst Rekt Capital also explained a scenario involving Bitcoin crawling above the $70k levels. He wrote on X, “Bitcoin is doing all the right things to form a cluster of price action at this Range Low at $60600. This cluster could develop over the whole month of July. But ultimately, it exists to prepare Bitcoin for a rally back to the Range High at $71500.”

Market Sentiment: Fear and Greed Index Update

According to Crypto Capital Venture, Bitcoin is currently at a crucial pivot point. This area is important and likely to set the tone for the next significant move, whether upward or downward, for the entire cryptocurrency market. 

Zooming out on the daily chart, he noted a potential conflict in the market, with some speculating about a triple top formation similar to the last bull cycle. Bitcoin has been hovering around the previous cycle’s all-time high range, barely breaking above it. He stressed the importance of understanding what both failure and success at this pivot point would look like, as they will dictate the market’s direction.

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