Short

Bitcoin: Will Low Volume Push Price to $61,000?

Updated

Bitcoin (BTC) has lost momentum over the past two days, raising concerns among analysts, and traders. The leading cryptocurrency is currently trading sideways, lacking the strong volume needed to break through key resistance levels.

Low trading volume often precedes price dips, and if we don't see a surge in buying pressure soon, we could see Bitcoin revisit the $61,000 area.

The $63,000 price point has proven to be a significant hurdle for Bitcoin in recent weeks. Without a significant increase in trading volume, I believe a price correction towards the $61,000 support level is a strong possibility.

Note

Getting close to 61k, But How is Bitcoin going to react after reaching it, will it going to move up or pull down?
What do you guys think?

Note

Bingo. 61k area reached 🎯🎯🎯

Let's see how things look from here.

Note

Struggling to breakout at resistance

Note

Is Bitcoin ready to fly from here?

Note

Breaking a red arc, heading to $64,100+

Note

Is this scenario going to work?
Will Bitcoin close above $64,600 to run upward or pull back to 57k?

Note

The price reached $67,000 as indicated by the chart above. Will it break out from to ascend towards 71k, or will it retract back to the \60k region?

Note

Approaching the $68,000 resistance zone (between $67,000 and $68,000), once it surpasses this level, we may see it reach $70,000 to $71,000.

Note

The target reached $68,000m If closes above this price, $71,000 is my next target.

Note

My target price of $71,000 reached

Note

$67,300 incoming, hopefully by end of the week

Note

As predicted, Bitcoin reached the $66,500 - $67,300 range last week. Now, I'm confident that Bitcoin will reach $70,000+ soon!

Note

Currently at resistance struggling here, if over pass this price, we see 70k, otherwise, back to 68k -

Note

We have reached 70k as anticipated in my post from yesterday. If volume continues to grow, we will see 71k to 73k. otherwise back to 68k to

Note

The update from the last post appears to be working perfectly. There's strong support at $67,400. If the price closes above $68,600, which is currently a resistance level, we could see resistance at prices ranging from $69,200 to $70,100.

Note

Price rejected right before closing above $68,600. there was short liquidation leverage at a price SWB:69K - 68k

Incoming $66,300

Note

The $67,400 support level is holding strong. We've observed a dip to $66,700, which aligns closely with my earlier prediction, attributed to low volume and short liquidation. There has been no significant long or short movement in the price action over this weekend.

Note

The cryptocurrency market appears to be gearing up for an upward trend in the coming week.

Note

Firstly, the $67,400 support level has proven to be strong once again. Secondly, as anticipated in my previous post, an upward trend is expected this week. Thirdly, the price is currently in the resistance zone of $70,100 to $71,500 and above. Will June be a great month for the Bitcoin and cryptocurrency market? Will Bitcoin surpass the $73,000 mark and reach between 80k to 85k?

Note

Bitcoin has established a new support trendline at $68,600, as depicted in my chart. It is currently approaching a resistance level of $70,100. Should it breakthrough, we can anticipate a rise to between $71,000 and $71,500.

Note

Bitcoin has just reached a price of $71,000. Although it did not close above $70,000 over the weekend, if it remains above this threshold by next weekend, it could signal a new upward momentum.
Currently, Bitcoin is exhibiting a double-top pattern on a weekly timeframe. If it breaks upwards, a bullish scenario may unfold; otherwise, there's a potential for a decline to the $43,000 level.

Note

A sudden drop in Volume
Bitcoin hit $72,000 and then went back to the support of $71,000 (as illustrated in the chart). currently, the BTC price is hanging around at a resistance level in a 4-hour time frame.

The weekend is approaching, and if Bitcoin fails to maintain its value between $72,000 and $71,000, a decline in its price may be anticipated.

I will keep updated

Note

Is this a perfect buying opportunity? Currently, at a support level of $69,400, if this support holds, my first target would be $70,100; otherwise, it could drop to $68,600 or even lower.

Note

Following my previous update, the Bitcoin price reached $70,100 from $69,400, then faced resistance and fell back to support, with the current price touching the previously visited support level of $67,400.

Note

Bitcoin rebounded to the $70,100 resistance level, likely influenced by a couple of factors:
- "Dormant Bitcoin Whale Moves $535 Million Worth of BTC to Binance After Registering 1,700% Gain" - Cryptoglobe
- "BTC price shoots up 1.5K in seconds as US CPI shows inflation slowing" - Cointelegraph

Note

Since my last update, Bitcoin has experienced a downtrend, falling from $70,100 to the current $62,500. The price may drop to $61,400 before potentially making a bullish reversal. My target is the $61,400 support level; falling below this could lead to a further decline to $56,400.

Note

Bitcoin has hit my target price of $61,300, dropping even further to $60,700. From this point, Bitcoin needs to rebound; otherwise, we may enter a bear market. On a weekly timeframe, the price could drop to between $58,000 to $47,500.

Z4F4R

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.