Bitcoin has recently established a robust support range, according to market analyst Ali. This critical support zone is identified between $64,750 and $66,700. Within this range, approximately 382,000 addresses are holding over 275,000 BTC. The significance of this level cannot be overstated, as a break below it could potentially lead to a downward shift towards the next major demand zone. This subsequent zone lies between $60,760 and $62,790, where it’s protected by nearly 797,500 addresses holding upwards of 298,000 BTC.
On the flip side, Bitcoin is currently facing a significant resistance barrier that spans from $70,180 to $71,340. This resistance is reinforced by 533,300 addresses, which collectively possess 433,000 BTC. Overcoming this hurdle is crucial for Bitcoin’s upward momentum, yet it remains a daunting task for bulls in the market.
Bearish Divergence and Correction Targets
Expanding on the market’s dynamics, seasoned analyst Michael Van De Poppe provides insights into the bearish undercurrent affecting [ccpw id=60415]. He highlights the presence of a valid bearish divergence, confirmed by lower highs on lower timeframes and a stark rejection at $70.5K. This pattern signals potential trouble for Bitcoin’s short-term trajectory.
Van De Poppe forecasts a correction that could see Bitcoin’s price targeting the $57,000 to $61,000 range. This anticipated correction is seen as a precursor to the cryptocurrency’s performance ahead of its next halving event, suggesting that the market might have reached its peak in the current cycle. Furthermore, Van De Poppe hints at the arrival of an ‘Altcoin summer,’ indicating that alternative cryptocurrencies may experience a surge in interest and value, contrasting Bitcoin’s bearish outlook.
