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Bitcoin‘s (BTC) price is currently facing a critical resistance zone and may signal a new short-term decline. According to experienced cryptocurrency analyst Josh, the situation for Bitcoin has not changed yet, and this short-term negative trend for the largest cryptocurrency could continue for several weeks or even months.
Expecting Continuation of Short-Term Downtrend
Bitcoin managed to break out of its short-term downtrend slightly over the past week, but there is still no confirmation of a reversal to an uptrend. Josh has been expecting a short-term decline in Bitcoin over the past few weeks, especially due to the upward trend in the US Dollar Index (DXY).
Since Bitcoin’s price approached $70,000, it has not been positive and primarily indicates a downward expectation. The analyst noted that during this downtrend, there could be small upward jumps and horizontal consolidation periods, just as there could be pullbacks during an uptrend, and warned not to be misled by such movements.
According to the analyst, for the downtrend to be invalidated, a confirmed bullish signal such as a breakout above an important resistance level is needed. However, for now, Bitcoin continues to remain in a short-term downtrend.
Highlighted Important Levels for Bitcoin
Josh emphasized the importance of specific price levels to watch. As a negative scenario, if the daily candle closes below $60,000, a move towards the support zone between $56,000 and $58,000 is likely.
Currently, Bitcoin is trying to break through the critical resistance area between $63,000 and $64,000, which the analyst previously warned about, but this breakout has not yet occurred. The significant selling pressure and resistance in this range cause a struggle for the price, and Josh expects horizontal price movement between $60,000 and $64,000 in the short term.
Despite the horizontal consolidation, Josh continued to emphasize that BTC will remain in a short-term downtrend until proven otherwise. He stressed that for this downtrend to be invalidated, confirmed bullish reversal signals (breaking above the $63,000 to $64,000 range) are needed. Without such signals, the downtrend will continue.
