Crypto market observer Crypto_Jobs TA & FA suggests Bitcoin may consolidate above $62,000 before its next upward movement. The analyst points to a bullish weekly close above key technical indicators.
This suggests a strong mid-term forecast for BTC. Moreover, Bitcoin’s price hovers above $62,850, with a daily trading volume over $28 billion.
Despite a modest 1.24% drop in the past day, the price has climbed by 3.23% over the last week, indicating prospective strength. Besides, @CryptoJobs3 highlighted crucial levels and a possible bullish scenario in the mid-term.
What you'll learn 👉
BTC Critical Levels to Watch
According to @CryptoJobs3, Bitcoin remains within a neutral zone on the daily chart, with a possible bullish retest on the horizon. The analyst noted that the last weekly close was bullish, as Bitcoin closed above the Tenkan-sen (T) and Kijun-sen (K) lines.
Moreover, this suggests that the price could consolidate above $62k before making another upward move. The analyst predicts that Bitcoin could target $66.8k next, provided it stays above the identified support levels.
The key support levels to monitor include $62,800, $62,100, and $61,000. Meanwhile, resistance levels to watch are $64.5k, $65k, and the critical $66,800 mark. As long as Bitcoin holds above these support levels, the analyst believes some altcoins could also experience upward momentum.
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Long-Term Caution and Broader Market Impact
While the short-term outlook remains optimistic, @CryptoJobs3 urges caution in the long-term, noting that Bitcoin is approaching a monthly channel resistance.
The analyst referenced previous analysis, emphasizing the need for vigilance as Bitcoin approaches this critical resistance. Furthermore, the expert evaluated various altcoins, reinforcing an optimistic outlook for the next days.
With Bitcoin consolidating, the broader crypto market is likely to alter. However, the general mood remains strong, with traders focusing on the rise in the 4-hour and daily charts. The next several days will be critical in evaluating whether Bitcoin can break through resistance and continue its upward trend.
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