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Analyst names key levels to watch — TradingView News

Bitcoin price has now dropped back to $67,000 after trading above $71,000 earlier in the week. Given the circumstances that led to the price recovery and subsequent decline, crypto analysts have been examining the technical indicators to figure out where the price is headed next. One crypto analyst in particular has noted that the cryptocurrency has entered a critical zone where there are important levels to watch that could shed light on where the price is headed next.

Bullish scenario for Bitcoin

The dip below $70,000 has put the Bitcoin price in a dangerous position at the moment, making the current level just above $67,000 crucial for the next moves. Crypto analyst The Signalyst highlights this in his latest Bitcoin analysis, where he states that the BTC price is in a “do-it-all zone.”

As The Signalyst points out, Bitcoin was able to break through the accumulation mark between $60,000 and $62,000, allowing investors to get in. Despite its decline over the last day, the price has maintained its position at the upper boundary of this range.

For the bullish scenario to continue, the crypto analyst explains that BTC needs to completely break the upper limit of this range, i.e. $72,000. This is the biggest resistance for bulls. If this happens, then The Signalyst believes that the Bitcoin price will move towards the next major resistance at $80,000.

Bearish scenario for BTC

Similar to the bullish scenario, the bearish scenario for Bitcoin could also potentially play out at this level. As The Signalyst notes, although the price is currently still at the upper boundary of the range, there is a risk that bears will drag it down.

In this case, the lower trendline is the level to watch, which currently stands at around $62,000. Similar to the resistance at $72,000, the bears need to break the support at $62,000 to drag the price further down. If this scenario were to happen and the bears were to successfully break the lower trendline, then the analyst’s chart shows that the Bitcoin price could drop to as low as $56,000. This would represent a decline of over 20% from the current price.

BTC Price

Currently, Bitcoin price is still trending upwards, with daily trading volume increasing by over 40% in the last 24 hours alone. This suggests that investors are still actively engaging with the cryptocurrency, which could drive the price higher.

At the time of writing, BTC is hovering around $67,300, with a loss of 3.29% over the last day but still with small gains of 1.68% on the weekly chart.

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