Bitcoin’s price has been on a downward trend for the past two weeks, but analysts believe that it may have reached its lowest point between $63,000 and $65,000. Michaël van de Poppe, the founder of MN Capital, shared his analysis on the X social media network, stating that Bitcoin has likely bottomed in this price range. He pointed to Bitcoin’s modest bounce from $64,950 to $66,455 on June 20 as evidence. Van de Poppe shared a chart with his followers, showing BTC bouncing off a key demand level between $63,000 and $65,000. He explained that if the price holds above this level, it will start to gain upward momentum.
Another analyst named Jelle expressed a similar sentiment, stating that Bitcoin is fighting to stay above the key $65,000 support level and that bulls are working to establish a higher low and higher high. Jelle believes that Bitcoin’s local market structure is slowly shifting back to bullish and is keeping an eye on a reclaim of $66,000 for confirmation of strength.
The 200-day exponential moving average (EMA) is seen as the last line of defense for Bitcoin’s price. Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin has formed a series of higher lows on the daily chart to stay above the ascending trendline. The appearance of a doji candlestick on the daily chart indicates the significance of the $65,000 level for both buyers and sellers. If bulls lose the ongoing battle, the 200-day EMA at $64,300 is expected to provide support.
Data from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model also highlights the importance of the $65,000 level. The 200-day EMA and the $65,000 psychological level are within a price range where a significant amount of BTC was previously bought, indicating strong support.
If Bitcoin manages to break past the resistance provided by the 100-day and 50-day EMAs at $66,699 and $67,000 respectively, it could enter a phase of price discovery. Analyst Moustache believes that Bitcoin’s price could potentially reach $72,000 and even make a run for $100,000 if it continues to follow an inverse head-and-shoulders pattern on the daily timeframe.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make informed decisions when it comes to investments.