The Bitcoin bears display significant strength as they continue suppressing the price levels within a pre-defined range. The longs were quickly pulled down as they appeared to be poised to find new monthly highs above $64,000, which would have changed the entire scenario of the BTC price rally in the short term. While the long-term trade remains unchanged and bullish, the short-term price variation may play a vital role in attracting liquidity.
Therefore, it has become more important for the Bitcoin price to reach a specific range, if it intends to reclaim the lost levels above $65,000. However, the question arises whether the bears will allow the rally to remain within the bullish range or if it is just another trap.
After the latest pullback, the bears are shorting with confidence, having the liquidation range between $64,000 and $67,000. Therefore, this range may be extremely crucial as it carries a decisive range, which may turn the tables for the BTC price rally in the coming days. One of the top analysts, ALI, marks the key levels and says the future of the price is largely dependent on this range.
The analyst has used the MVRV extreme deviation pricing band, which has been derived from the MVRV ratio based on the degree of deviation. Here, the upper and lower bands are calculated and computed from these levels, representing +/- 0.5 to 1.0 standard deviations. Having said that, the pivotal level at +0.5 standard deviation is around $64,290, which can be considered as a key range to achieve. Hence, the analysts say that
“If Bitcoin can reclaim $64,290 as a support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, BTC might retest support at $51,970.”
In a larger perspective, the bulls have been holding the range around $56,800 pretty strongly and have triggered a strong rebound a couple of times. Therefore, if acute selling pressure mounts up, then it could break the support levels, which could help the price form new bottoms below $52,000. However, the Bitcoin price continues to trade within a falling wedge, which is flashing bullish signals for the crypto, manifesting the possibility of achieving higher levels, in the coming days.
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