Bitcoin is currently navigating a challenging market situation, with its price hovering around $55,000. The unexpected drop below the critical $58,000 level has triggered panic throughout the crypto market. The pressing question on every Bitcoin investor’s mind is how far this downtrend will pull the price down. A recent post by a crypto technical and on-chain analyst, Ali, on X, sheds light on the situation.
Here’s what the expert has to say!
Key Support and Resistance Levels
Ali primarily discusses the support and resistance levels for Bitcoin. According to him, the main support level, or demand wall, is around $47,000. He advises Bitcoin traders and investors to closely monitor this level. Ali believes that if the price falls below this support level, it could lead to increased selling pressure and a significant price drop.
On the other hand, the primary resistance level is near $61,000. This resistance serves as a crucial barrier that Bitcoin must overcome to regain upward momentum. To reignite bullish sentiment, a sustained move above this resistance level is essential.
Bitcoin Market: A General Overview
In the past 24 hours, Bitcoin’s price has dropped by 4.1%, and over the last seven days, it has fallen by 11.5%. The price has experienced a sharp decline over the past four days. On June 5, Bitcoin was priced around $71,132.
However, on June 24, it slipped below $61,000 for the first time since May 10. Although buyers slightly pushed the price up afterward, a massive selling pressure on July 2 caused the market to plummet sharply. If this downtrend continues, there is a possibility that the price will touch the critical support level of $47,000.
Read Also : Peter Schiff Predicts Bitcoin Price Crash To $38k
If Ali’s analysis holds true, Bitcoin traders should keep a close eye on the suggested support and resistance levels. Do you agree with this crypto analyst’s predictions? Let us know your thoughts!
