• 15 June, 2024
Markets News

Crypto Analyst Highlights Key Levels in Bitcoin’s Market Surge

Bitcoin has been showing a bullish pattern on the monthly time frame, as noted by a cryptocurrency analyst known as Titan of Crypto on an X post. As of now, the cryptocurrency is trading within a new bracket ranging from $61,300 to $71,200. This upward movement is expected to continue unless a monthly candlestick closes below this range, marking a significant bullish indicator for the market.

Titan of Crypto pointed out that there are no reversal wicks present, which were common in 2021 and indicated potential trend reversals. This absence suggests sustained buying interest. Instead, Bitcoin has revisited the highest closing price of its previous cycle, which is a critical area to watch.

A key highlight from Titan’s analysis is the occurrence of a “Golden Cross” in the chart. This event occurs when a short-term moving average crosses over a longer-term one, traditionally signaling a strong bullish sentiment and potentially leading to further gains in Bitcoin’s price.

Moreover, the chart delineates a “New Range” zone, set by recent significant price movements that have established a new set of potential resistance and support levels. Within this zone, there is a specific “Level to watch,” which could play a pivotal role as a major support or resistance point in the near future.

Additionally, a “Retest” area has been identified where Bitcoin has revisited a previous price level. This action helps confirm the robustness of that price range, serving as either a solid support or resistance zone.

Through his detailed chart analysis, Titan of Crypto provides insights that highlight the current bullish stance of Bitcoin and predict its future trajectory, offering valuable information for market watchers and investors alike.

Over the past week, BTC price has been trading in fluctuations, with bulls and bears struggling to gain momentum. This has led to an increase in volatility, trading in a range of $66k-$64, with a minor surge of 0.62%. 

Bitcoin’s price is currently hovering above the $64,000 threshold, signaling a marginal uptick in the last 24 hours. The leading digital currency exhibits a slight 0.31% increase, at $64,438, continuing its volatile journey in the financial markets. 

The current market capitalization reflects a modest rise of 0.32%, resulting in a $1.27 trillion valuation. Trading activity has also seen a boost, with a 3.78% surge in 24-hour volume, totaling approximately $32 billion.

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