Bitcoin has managed to breach the $69,000 range once again, marking a major milestone with a new all-time high. The recent daily close above the previous all-time high signifies a convincing break, which is a reason for celebration for all those who have been holding on. However, with this achievement comes a pullback, as expected.
The largest cryptocurrency has some important levels where it tends to find support when its price drops. According to analyst Sami, the first one is between $68,800 and $69,500. If the price falls more, another support area is around $65,800, shown in a yellow box. And there’s another strong support at $63,000, which has been important since 2021. Even if Bitcoin’s price goes down a lot, it’s still good to think positively about its long-term future. A drop to around $40,000 might seem scary, the analyst said.
However, analyst Eric Krown Crypto, while discussing Bitcoin’s recent price movements, noted a quick correction below $70,000. He suggested a statistical model based on an indicator, which, over 14 years, has shown a 50% win rate.
Eric also explained the potential for Bitcoin to reach $77,000 based on the current setup. He stressed the importance of risk management, particularly with strategies like this one, which may have a lower hit rate. He mentioned that a closure below $70,000 could indicate a trend reversal, possibly leading to further downside.
Regarding technical indicators, Eric pointed out the HPDR bands on the daily timeframe, suggesting potential sideways to upward movement as long as Bitcoin remains above certain levels. He also discussed the significance of daily statistics, noting Wednesday’s historical trends in Bitcoin price movement.
