20% fall from peak followed by 7% retracement. What charts tell about Bitcoin’s future trajectory
BTC is trading in a range between $62,000 and $63,800 and is still down by around 14% from its all-time peak of $73,750.07. However, its start for this week was with significant volatility where it hit levels of $65,500.
Source: Coinmarketcap.com
While multiple analysts see bullish sentiments remaining intact, they are not ruling out significant moves on either side, cautioning the traders of volatility.
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«Based on recent price action, Bitcoin (BTC) appears to be oscillating around the $63,000 support level after a volatile start to the week that saw it rise to $65,545. Despite short-term swings, sentiment remains bullish with expectations that bitcoin's price stability around $60,000 could pave the way for potential upside moves, especially if broader economic conditions and monetary policy signals align favorably,» Sathvik Vishwanath, Co-Founder & CEO, Unocoin said.
With a strong support around $60,000, Bitcoin is expected to fluctuate between $60,000 and $65,000 in the short to medium term and may even drive towards the
