Analyst Predicts BTC Pullback to $66.4K Before Rallying to $69.2K; Find Out How

Bitcoin (BTC) continues to capture the attention of traders and investors. The recent analysis from VeLLa Crypto is shedding light on its potential price movements. The analyst made a post on X platform, highlighting key levels and next possible moves of BTC. Notably, the analyst pointed out a cluster of Buy Stop Liquidity (BSL) above untapped highs and outlined possible scenarios for short-term price action.

According to VeLLa Crypto, Bitcoin is likely to move towards the $68,800 to $69,200 range. Before reaching this target, a minor pullback up to $66,500 to $66,400 range can be anticipated. This pullback area is identified as a support zone where BTC may find buying interest. The support levels at $66,500, $65,755, and $63,285 as they could be potential rebound points.

This analysis follows a significant support test for Bitcoin around $62,500. The 4-hour 100 EMA provided dynamic support during this period. Jelle, a long-term crypto and stock investor, emphasised the fact that the diminishing supply from Mt. Gox supply might be positive factor for Bitcoin’s demand. Notably, many creditors have recently received their coins, with approximately $5 billion in coins left to distribute. This distribution has maintained Bitcoin’s price robust at $64,000, indicating strong demand. The alignment of the $62,500 level with previous consolidation zones and recent price action lows underscores its importance as a support area.

The 4-hour 100 EMA and the 200 EMA, positioned around $60,000 to $61,000, offer additional support, crucial for potential bullish continuation. Holding these levels is vital for Bitcoin to push towards the $70,000 mark. 

As of this writing, Bitcoin is priced at $66,992.99, with a 24-hour trading volume of $34,148,240,683. This represents a 4.36% price increase in the last 24 hours and a 4.48% price increase in the past seven days. These indicators reflect strong market sentiment and ongoing interest in Bitcoin, reinforcing the technical analysis provided by VeLLa Crypto and Jelle’s observations.