Bitcoin analysts are closely watching the cryptocurrency trade in a tight range, suggesting a big move could be coming soon. The direction of this decision, however, still remains unclear.
Bitcoin’s symmetrical triangle
Renowned crypto technical analyst Ali Martinez pointed out that Bitcoin forms a symmetrical triangle on its 4-hour chart. The upper boundary lies just below $63,000, while support lies around $61,000. Martinez believes a breakout is imminent. He said a decisive hourly close above $63,000 could trigger a 10% price expansion as buying momentum picks up. On the other hand, if Bitcoin closes below the $61,000 support, it could increase bearish pressure.
Martinez monitors trading volume at these key levels to spot early signs of sustained movement. He shared his analysis on X, where he told his followers that he was monitoring the situation closely.
Key levels for Bitcoin
Prominent crypto investor Ted Pillows also sees $61,000 as a crucial support zone. He noted that Bitcoin has recently held this level, even as stocks and precious metals hit new local lows. Pillows thinks Bitcoin could push a little higher in the near term, perhaps climbing back up to the $64,000 region before reversing later in the third quarter. Other possibilities he mentioned include a move to $67,000, or even $70,000, before the trend reverses.
But if Bitcoin falls below $61,000 from here, Pillows said it could find support around $59,000 or fall further to $56,500 before rebounding.
At the time of writing, TradingView data shows Bitcoin trading at $62,832. This marks a 6.7% recovery from its recent low of $59,100, which was the yearly low for the asset. Many analysts believe the downtrend could continue until macroeconomic indicators and other external factors change to boost investor confidence.
