Altcoins
Bitcoin’s Next Move Will Dictate Market Direction; Rejection Could Lead to Altcoin Bloodbath
Bitcoin quickly drifted into the green zone over the weekend, posting some fun gains. The largest cryptocurrency is currently trading above $63,000 levels, raising questions about whether this upward move is reliable. On Crypto Banter’s Dylan’s Trading Show, the analyst hinted that Bitcoin could potentially hit $70,000 in the coming weeks, making it an interesting topic to watch.
Let’s move on to the Bitcoin chartHe explained that Bitcoin is currently heading into a significant downtrend on a daily chart. He issued a warning but said confirmation of support around the $62,100 level would be crucial for a sustained upward move. It also opened at a key support level at $59,850, which is an important bullish support level, with another important level at $58,300, the previous low and 200-day moving average.
For now, he explained the importance of breaking the current trend before becoming more positive. He said a rejection at the current level could lead to a drop in altcoin prices. The analyst also shared information on the Fear and Greed Index, noting that it was at 47% (neutral) after being at 30 (fear) the day before, indicating a change in market sentiment over the course of the weekend.
Analyst Rekt Capital also explained a scenario in which Bitcoin crawls above the $70,000 levels. He wrote on X: “Bitcoin is doing all it takes to form a cluster of price action in this range low at $60,600. This cluster could develop throughout the month of July. But ultimately, it exists to prepare Bitcoin for a return to the Range High at $71,500.”
According to Crypto Capital Venture, Bitcoin is currently at a crucial turning point. This area is important and is likely to set the tone for the next significant move, whether up or down, for the entire cryptocurrency market.
Zooming out on the daily chart, he noted potential conflict in the market, with some speculating on a triple top formation similar to the last bull cycle. Bitcoin is hovering around the highest range of the previous cycle, barely breaking above it. He stressed the importance of understanding what failure and success would look like at this pivotal point, as these are the ones that will dictate the direction of the market.