Bitcoin experienced significant volatility within a narrow range over the weekend. Now, the movement has accelerated. The $500 fluctuations caught investors‘ attention on Saturday and Sunday. This volatility turned into an opportunity for investors seeking quick gains. The wave amplitude is now increasing for those who sold at the peak and bought at the dip.
Bitcoin at Its Peak
As of the time of writing, BTC reached its highest level in the last 24 hours at $68,320. This movement started right after the dip at $67,367. It seems like a movement has begun that will test the patience of investors, especially those who have been evaluating the rapid volatility within the narrow range for hours. In the movements where $67,900 was set as the ceiling, $67,500-$67,300 was the dip.
Now, the BTC price is above $68,000, and as we can see from the upper wick, sellers took advantage of this short-term rise. Crypto investors, especially those focusing on futures trading, were exactly expecting such movements. If the sales following the last peak do not deepen, we might see new attempts with strong purchases in the coming hours.
Following the increase in BTC price, BNB Coin also returned above $600. As of the time of writing, the price is at $600.6.
BTC Price Predictions
The main support level to watch on the daily chart is at $66,800. The Bitcoin price has been lingering between this support and the selling level above $70,000 for a long time. Since the ATH was seen, BTC has tried many times to close above $71,700. This is the region that needs to be surpassed for an upward breakout.
Now, there are two paths for Bitcoin. If the volatility is to break, we need to see one of these two breaking levels surpassed. There is a risk of a dip down to $56,000 below, while the target above is $80,000, and with closures above this level, the six-figure price target becomes more than just a dream.
If the employment and wage growth data in the coming week are supportive, investors can breathe a sigh of relief. On the other hand, the possible news of the ETH ETF approval might trigger a sell-off, causing some investors to hold back. ETH is still lingering around $3,800 while waiting for the launch date to be announced.
