Bitcoin’s days below $70K are numbered as traders note BTC’s swing lows.
The price of Bitcoin (BTC) has been trending lower for the past two weeks, and analysts believe that the pioneering cryptocurrency looks to be “down” somewhere between $63,000 and $65,000.
Michael van de Pop, the founder of MN Capital, said on June 20 on the X social media network, “Bitcoin will be around 63-65k in this area.
Van de Pop's analysis appears to have informed Bitcoin's modest advance, which rose from $64,950 to $66,455 in the European trading session on June 20.
The analyst shared the following chart with his X followers. BTC shows a breakout of the key demand level indicated by the green band, which stretches from $63,000 to $65,000.
Van de Pop said that if the price goes above this level, it will find itself “in a very high speed”.
“The reversal is on the horizon.”
Fellow analyst Jellem echoed the same sentiment, noting that BTC continues to struggle to find lows around the key $65,000 support level and that bulls are working to turn around the market structure to lock in “higher lows and highs in the area.”
“Bitcoin's domestic market structure is slowly turning bullish. Eye to recover $66,000 – proof of strength,” Jelle explained.
The 200-day EMA provides the last line of defense for the price of Bitcoin
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin's price action has formed a series of highs and lows on the daily chart to remain above the uptrend line. Bitcoin bulls will need to hold the price above this level to secure the recovery.
The appearance of a doji candle on the daily chart shows the importance of the $65,000 level for both buyers and sellers.
However, if bulls lose the ongoing battle, they could retreat to the 200-day exponential moving average (EMA), which looks like the last line of defense for BTC at $64,300.
According to data obtained by IntoTheBlock, its In/Out of the Money Around Price (IOMAP) model shows that Bitcoin price is sitting on relatively strong support to the downside, also reinforcing the importance of this level.
The 200-day EMA and the psychological level of $65,000 are located in the $64,018–$65,975 price range, with approximately 1.07 million BTC already bought by 1.75 million addresses.
This suggests that strong demand-side liquidity from this set of investors will push BTC price past resistance at the 100- and 50-day EMAs of $66,699 and $67,000, moving out of consolidation and into price discovery.
If this happens, according to famous analyst Mustache, it may be the last time we see BTC below $70,000.
Mustache noted that the price of BTC is developing an inverse head and shoulders pattern on the daily time frame, which is becoming “increasingly realistic” for Bitcoin.
An inverted head and shoulders pattern creates an inverted composition and includes an “inverted” head and shoulders, with the left and right shoulders inverted below the neckline.
If the pattern continues, Bitcoin's price could rise to the next key price level of $72,000 before breaking the current all-time high of $73,835, and eventually a run at $100,000, Jelle said.
According to CoinMarketCap data, this will extend to 55% of the current price.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
