Bitcoin (BTC) has crashed again to a four-month vary low of $60,000, presently buying and selling at $61,500. As issues develop, cryptocurrency analyst CrypNuevo initiatives BTC returning to the $67,000 worth zone by the tip of July.
CrypNuevo shared this specific evaluation in his “Sunday Replace” as a thread on X on June 30. Notably, the analyst foresees a unstable week forward as a result of macroeconomic information, which he expects BTC worth to answer.
General, he talked about information associated to the MiCa regulation in Europe and different financial knowledge, largely from the US, like non-farm payroll, unemployment charge, and FOMC minutes.
Moreover, the skilled dealer factors out three key Bitcoin ranges to look at within the following two to a few weeks. In abstract, he believes Bitcoin will take a look at resistance at $64,000, retrace to $59,000, and surge to $67,000.
Bitcoin worth evaluation and the highway again to $67,000
CrypNuevo identifies two key liquidity areas: $62,500 to $63,500 within the brief time period and $67,100 within the mid-term. In line with him, these are liquidation targets that crypto whales often search for when setting squeezes.
Nevertheless, the analyst notes an extended wick on the chart, which generally wants filling to steadiness open curiosity gaps. This wick-filling course of has a excessive likelihood of occurring quickly, says CrypNuevo.
Consequently, the analyst initiatives a three-phase motion for Bitcoin over the subsequent two to a few weeks.
First, BTC will seemingly make an impulsive transfer as much as $64,000, liquidating high-leverage brief positions. Then, it could retrace to round $59,285, filling 50% of the wick. Lastly, Bitcoin may surge to $67,000, after forming a possible accumulation vary.
Merchants ought to intently monitor these key ranges and be ready for potential worth swings. Regardless of short-term volatility, the general pattern suggests a bullish outlook for Bitcoin within the coming weeks. Significantly, three in each 4 BTC merchants on Binance have opened lengthy positions within the final 24 hours.
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