Bitcoin Price Forecast: Resistance Tested, $67K in Sight
The post Bitcoin Price Forecast: Resistance Tested, $67K in Sight appeared first on Coinpedia Fintech News
In recent insights shared by a crypto analyst, identified as Bitcoinsensus, attention has been drawn to a critical resistance level impacting Bitcoins current market trajectory. This analysis focuses on Bitcoins positioning relative to support levels observed between March and June.
Read on to know how long it would take for Bitcoin to reach $67K.
Current Bitcoin Market Status
As of July 2, 2024, Bitcoin is valued at $62,572. Earlier this year, in mid-March, it peaked above $73,000 before stabilising in a sideways pattern, trading between $71,700 and $58,000 throughout June, closing the month at $62,617.
Bitcoins Resistance and Volume Profile Insights
The crypto market insider highlights a resistance barrier linked to a significant volume node within Bitcoins trading range from March to June. This node represents a critical point on the volume profile where substantial trading activity has occurred. Should Bitcoin successfully breach this resistance level in the near term, Bitcoinsensus anticipates a potential price surge towards $67,000, aligning with the highest traded volume level.
On July 1, Bitcoin displayed positive momentum, with a green candlestick closing around $62,861 on the daily chart.
Bitcoins current position at a crucial resistance juncture implies significant implications for its short-term price direction. A breakthrough above this resistance could pave the way for further gains towards $67,000.
Read more: https://coinpedia.org/news/bitcoin-price-forecast-resistance-tested-67k-in-sight/
Text source: Coinpedia – Fintech & Cryptocurreny News Media| Cr
