Bitcoin Price Forecast: Market Reset Concluded, Bullish Sentiment Wanes; Next Goal: $70,000

Bitcoin is currently facing a critical support level, undergoing a test that could significantly impact its immediate future. Analysts are closely monitoring Bitcoin’s movements as it displays familiar patterns that may indicate a potential major shift.

According to a Crypto World analyst, Josh, Bitcoin has been following a bearish trend, highlighted by the Super Trend indicator on the 4-day chart. This trend is characterized by lower highs and lower lows, indicating a continuation of downward pressure. Despite this bearish trend, Bitcoin has found temporary relief by rebounding from a significant support level.

In recent days, Bitcoin has shown signs of “bullish relief,” a temporary price increase following a period of oversold conditions. Such rebounds are common during bearish trends, where short-lived upward movements or sideways price actions occur as the market resets.

Bitcoin is currently hovering around the critical $60,000 to $61,000 support zone, which has historically acted as both resistance and support levels. While a confirmed breakout above this range is viewed positively, the market remains cautious.

To shift the overall trend back to bullish, Bitcoin must surpass several resistance levels, with the initial significant barrier at $63,000. Additionally, the $67,000 to $68,300 range presents another major resistance zone that could dictate Bitcoin’s price direction in the short term.

The current market behavior bears similarities to the patterns observed during the March 2020 crash, where Bitcoin formed a double bottom before rallying. Presently, Bitcoin has followed a comparable trajectory, experiencing a sharp decline followed by a minor recovery. The crucial factor now is whether this relief will translate into a sustained rally or if the bearish trend will resume.

Tags: Altcoins, Bitcoin