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It seems like an incredible week of huge price fluctuations in cryptocurrencies. Especially as Bitcoin‘s price rose to $70,000 and then fell below $63,000, causing investors to become anxious. An analyst drew attention by making significant statements in line with this situation.
Bitcoin Comments
One of the well-known analysts in the crypto world warned that Bitcoin (BTC) could move downward if important support levels are lost one after another. The analyst named DonAlt stated on the Technical Roundup YouTube channel that if Bitcoin loses the weekly chart support level of $63,000, it could experience deeper declines.
The trigger for the rise was this – $60,000 was reclaimed… And then it went back to the top of the range, actually. And now it’s being rejected. And the long trigger, the rise you should get from reclaiming the range, reclaiming $60,000, is technically still in play. In my opinion, as long as we don’t lose $63,000, this is still valid. So I think $63,000 is the turning point. If this is lost, I think it will start to look dangerous, but until it’s lost, everything in the world is fine. This is still a bullish range until $63,000 is lost.
According to the graph shared by the analyst, if Bitcoin loses value, the next support levels that BTC, which is at the top of cryptocurrencies, could test are in the $52,000 and $42,000 regions.
If we lose $63,000, maybe we will retest lower supports. I don’t know. We will see. But until this happens, it doesn’t really make sense to talk about it.
What is the Current Bitcoin Price?
In the past minutes, after the earnings reports from major companies, there were upward price movements in Bitcoin. According to the latest data, BTC is trading at $64,136 after a 0.66% drop in the last 24 hours.
This price increase also reflected in BTC’s market cap, rising again to $1.265 trillion. Additionally, there was a noticeable increase in BTC’s trading volume. BTC’s trading volume rose by 33%, positioning it at $38.8 billion.
In recent hours, Microstrategy announced that it purchased 169 BTC for $11.4 million in July, which, contrary to normal, also triggered a rise in the market.
