Bitcoin price exceeded $67,000 and is now trading at $66,780, while altcoins turned red. This is a common situation, and the steady rise in the first quarter has paused for weeks. Although we saw a quick turnaround this week, not everyone is sure we are on the path to a new ATH, at least in the short term.
Crypto Expert Commentary
Everyone is curious about what we will see in the second phase after the Bitcoin price exceeded $67,000. The king of cryptocurrencies peaked at $67,700 today and has now lost $1,000. The drop seen within a few hours has not yet reversed. The analyst known as Daan Crypto Trades points to the $72,000 level as the biggest resistance.
“The price formed a large cluster around $67,400, but there are still some obstacles at $68,000. Beyond $72,000 is currently where most of the liquidity is. Below, with the recent downtrend, most have been cleared, and the first notable level will be the $60,000 region.”
On the other hand, the Fed minutes to be released on Wednesday and the ETH ETF decisions to be announced in the last two working days of the week are events that could trigger volatility across the cryptocurrency markets.
Bitcoin Price Predictions
In his ongoing market assessment, Daan Crypto Trades mentioned the long-term support role of the 100-day moving average (MA) for Bitcoin. He warned investors about this region, which he said would be a good indicator for measuring momentum in the medium and long term.
The second popular crypto analyst RektCapital further advanced the optimistic outlook for Bitcoin, stating that there is only a 1% BTC price increase between the current movement and a new chapter in the bull market.
“BTC needs to drop only 1% more to attempt a retest after the Bull Flag to ensure the trend continues upwards.”
The last analyst, Credible Crypto, also issued some warnings. According to him, it is likely that we will experience a new test around $60,000.
“At this point, I think we will at least test the $59,000 to $60,000 range. The blue zone at the $62,000 to $63,000 level is still an area of interest that can provide temporary relief, but I ultimately think it will give way. Altcoins could suffer significant losses in a possible $59,000 test.”
