Bullying, carrier and neutral conditions are explained.
Bitcoin is currently at a critical juncture. Strong support at $66,000 is necessary for any upward movement. A recent analysis on Crypto Banter explains the Sniper Trading Show's critical support level for Bitcoin. Analysts anticipate the formation of a pin bar candle that suggests a push to the $70,000 zone in the coming weeks.
Technical indicators
The Stochastic RSI shows that Bitcoin typically sees upward momentum only when it reaches a high. This means that it is important to buy during low points, but it is also important to understand when major price movements occur. Historically, when the RSI approaches the 80% mark, we see a rapid acceleration in price.
The market is currently witnessing a battle between bulls and bears. As Bitcoin approaches resistance, the battle will intensify, and a break through this selling pressure will result in a rapid price increase.
Current position
Bitcoin is facing high resistance at $70,000, but if this level is breached, there is hope that the market can see an upward movement. The next two to three weeks are very important for positioning, because the market may be in a higher trend.
Price conditions
Bullish Scenario: If Bitcoin holds the $65,000-$66,000 range, we may see it rise to $73,000 or higher. This scenario focuses on breaking through current resistance levels.
Bearish Condition: A break below $63,000 could trigger a series of red candles, delaying the upward momentum for a few weeks. However, this does not rule out the possibility of reaching an all-time high later this year.
Neutral scenario: If Bitcoin hovers above the current resistance level, market patience may be tested, leading to investors losing confidence and “timing capital” to exit the market.
