Bitcoin Price Prediction: Will $72K Target Trigger Summer Rally? Analyst Warns of These Key BTC Levels

2024-6-13 15:30

Bitcoin’s price action has been marked by shifts, hitting multiple target zones within a single day. As Zen, a crypto analyst, highlights, Bitcoin’s price movement has been erratic, similar to gold’s behavior. 

Moreover, the primary support zone for Bitcoin now ranges between $66,240 and $67,577. To maintain a bullish outlook for the summer, Bitcoin needs to close above June’s opening price. Otherwise, it risks dropping to the lower range of $59,000 to $62,000 in the coming weeks.

Bitcoin (BTC) Price Analysis

According to Zen’s analysis, Bitcoin’s price needs to stay above certain key levels to sustain its bullish momentum. The critical support levels include $66,240, $65,760, $64,233, and $59,960. If Bitcoin fails to hold these levels, it may face further declines. 

Conversely, the resistance levels that Bitcoin must break through include $69,200, $69,870, $70,680, and $72,240. The upper trendline is currently acting as resistance, with highs failing to break above it. This indicates a challenging environment for bulls to push the price higher.

Read also: Here’s Why Curve DAO (CRV) Price Plunged

Trend Analysis and Market Sentiment

Zen’s trend analysis shows Bitcoin forming a descending triangle pattern, a typically bearish signal. However, a breakout above the descending trendline could reverse this trend. The Fear and Greed Index (F&G) fluctuates between 70 and 75, indicating a moderate level of market anxiety. 

The analyst advises traders to watch for acceptance above the year VWAP VAH to confirm a bullish scenario. Recent rejections at this level have kept Bitcoin’s price in check, underscoring the importance of this technical indicator.

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For traders, understanding these key support and resistance levels is crucial. Bullish traders should look for a confirmed breakout above the descending trendline with strong volume. This could signify a buying opportunity, targeting levels around $72,240. 

On the other hand, bearish traders might anticipate a breakdown below the $66,240 support level. This could signal further declines, potentially leading to lower buying opportunities.

Bitcoin’s price action remains volatile, with support and resistance levels in play. The descending triangle pattern suggests a bearish outlook, but a breakout could shift momentum. As Zen emphasizes, Bitcoin’s performance in the coming weeks will be crucial in determining its trend for the rest of the summer.

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The post Bitcoin Price Prediction: Will $72K Target Trigger Summer Rally? Analyst Warns of These Key BTC Levels appeared first on CaptainAltcoin.

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