The series of downward movements in the cryptocurrency Bitcoin price continues. We will likely see this fluctuating trend throughout the summer. BTC has also lost its support at the $63,500 level. If the price of BTC falls below the $62,500 level, further losses are expected. However, an analyst indicates that this decline could be a precursor to a new rise for Bitcoin.
Will Bitcoin Rise Again?
Analyst Checkmate emphasized in a post on X today that Bitcoin has calmed down for a while. The analyst notes that this situation will not last long and highlights that markets often need a catalyst to reach higher levels.
A decline will not be permanent. In due course, increases will inevitably start. At this point, the analyst states that declines are one of the strongest catalysts for Bitcoin. Finally, the analyst implies that most people miss opportunities during declines when such a rise begins.
Key Levels to Watch for Bitcoin Price
For an upward movement in Bitcoin, the key level to watch is $64,000. Breaking this level could be considered a new bullish signal for BTC. From this point, BTC could quickly test the $65,500 resistance. Subsequently, BTC might move towards the $66,200 level.
If Bitcoin fails to break the $63,500 resistance, I interpret this as a new wave of decline. In such a case, the $62,700 level is a critical support. Currently, the cryptocurrency BTC price is moving very close to this critical support at $62,848.
Finally, looking at the technical indicators RSI and MACD, we see that the MACD indicator is gaining momentum in the bearish zone. For BTC, the RSI is currently at 40. This indicates that oversold conditions are in play for Bitcoin. Cryptocurrency investors might consider evaluating these declines. Because with fluctuating movements, BTC, the flagship of cryptocurrencies, could offer 3-8% profits. However, the possibility of a decline should always be considered.
