Bitcoin is once again rebounding from a critical support area and the price chart may hint at the next short-term price target. Analyst Josh of Crypto World said that as the weekend ends, an increase in volatility is expected with the new week due to higher trading volumes and activity.
In his latest analysis video, the analyst said that a confirmed bullish reversal would require a breakout above strong resistance levels and a bearish reversal in the DXY, which hasn’t happened yet.
In the immediate short term, Bitcoin is expected to stay within a price range of $60,000-$64,000. However, over the next one to two weeks, he anticipates Bitcoin breaking out of this range, with a higher chance of breaking downwards due to the current bearish trend.
To expect a move towards the major support area of $56,000-$58,000, a break below $60,000 with confirmation is needed. Until then, Bitcoin remains neutral in the short term but hasn’t reversed the bearish trend. At the time of writing, Bitcoin is up by more than four percent and is trading close to the $64k levels.
Bulls Refuse To Take Over?
The Bitcoin liquidation heatmap shows significant liquidity around $62,500-$62,600, indicating a potential short-term price target as Bitcoin often moves towards these major liquidity levels. This price is still within the current sideways range, suggesting continued choppy price action in the near term.
According to him, Bitcoin remains in a large sideways consolidation range, with the Bollinger Bands tightening and the Bollinger B indicator at very low levels. Over the past day, there hasn’t been much change on this chart.
For several weeks, he’s been warning that as long as the DXY trends bullishly, Bitcoin will likely continue its short-term bearish trend. He predicted a period of choppy sideways price action or a slight bullish relief, but not an end to the bearish trend. Over the last half week, this prediction has played out with Bitcoin showing sideways movement without confirming a bullish reversal.
