Bitcoin’s price movement has dipped below the range it established a month ago. Zen, a top analyst on X, highlighted the critical levels in Bitcoin’s trading lately. Specifically, Bitcoin formed a range around $69,060 with a peak at $72,130. This dip triggered stop-loss orders below $65,800, a target Zen identified as likely for a bearish move.
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Bitcoin (BTC) Price Prediction
The coming days are crucial for Bitcoin’s trajectory. If the price closes above the range bottom, it might signify a failed bearish swing, potentially driving the price back to the middle range around $69,060 or even higher to $72,130. However, Zen remains cautious, stating, “Only theoretically! So far looks like shit.”
Conversely, if Bitcoin starts trading below $66,000, it could lead to further declines. Zen predicts retracement levels of $64,000 or $63,000, with possible dips down to $59,000. These predictions are grounded in analyzing higher time frame ranges and observing liquidity pools.
Liquidity Pools and Key Levels
Zen provides an insightful breakdown of nearby liquidity pools, essential for traders to consider. Above the current price, the significant levels are $67,720, $69,195, and $70,390. Below, the notable pools are at $64,950, $64,270, and $63,080.
Additionally, Zen outlines critical lines on the chart: the May high at $72,132, March close at $71,363, and various weekly and monthly closes such as $69,667 and $68,540. These levels serve as crucial indicators for traders monitoring potential support and resistance points.
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Market Sentiment and Trend Analysis
Market sentiment remains a pivotal factor. The Fear and Greed Index (F&G) has seen a slight decline from 74 to 70, indicating a cautious market stance. Understanding these sentiments is vital for predicting short-term movements.
Furthermore, Zen’s analysis extends to daily (D), weekly (W), and monthly (M) trends, providing a comprehensive view of the market dynamics. This holistic approach helps traders make informed decisions based on multiple time frames.
Hence, Bitcoin’s current dip below its established range presents both opportunities and risks. Besides, if it manages to close above the range bottom, it could recover to previous highs. However, trading below $66,000 might lead to further declines.
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