Bitcoin’s price action has mirrored the stock market’s downturn, according to analyst Zen. The leading crypto experienced a drop, bypassing previously identified support zone, highlighting the market’s volatility.
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Bitcoin Price Dips
Zen pointed out that Bitcoin swiftly moved past the 64.5-65k support zone he had earlier mentioned. This rapid movement, he noted, highlights the risks associated with blind limit orders. The analyst suggests that traders should closely monitor lower timeframes for more precise entry points.
Despite the recent dip, Zen maintains his earlier analysis from before his vacation. He identifies the first solid buy zone around 61.4-61.8k, with the possibility of prices fully covering the CME gap in the 58.5-60.5k range.
The analyst also highlighted several liquidity pools above and below the current price, which could influence future price action.
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Key BTC Price Levels To Watch
In his analysis, Zen outlined several critical price levels for traders to watch. These include the March close at 71,363, June POC at 69,500, and the Q2 VWAP at 65,347. He also noted the June close at 62,766 and the June low at 58,218.
These levels serve as potential support and resistance zones that could shape Bitcoin’s price trajectory in the coming days.
Interestingly, Zen’s trend analysis indicates bullish sentiment across daily, weekly, and monthly timeframes. This suggests an overall positive outlook despite the recent price dip.
The analyst also shared data from the Fear and Greed Index, a popular sentiment indicator in the crypto market. The index shows a slight decline in sentiment, with values dropping from 74 to 68 over recent days. However, the readings still indicate a generally optimistic market mood.
Per data from CoinGecko at press time, BTC trades at $64,219.09. This indicates a 3.44% price decline in the last day and a steady 1.14% dip in the past week. Moreover, the asset’s daily trading volume hovers around $36,028,313,265.
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