Bitcoin’s price is currently in a state of uncertainty following a recent dump. Analyst Josh from Crypto World has been examining various BTC charts and notes that there hasn’t been much change in the last day.
Looking at the daily Bitcoin chart, it appears that the price is bouncing back from the support area between $60,000 and $61,000. If the price breaks below $60,000, the next significant support area is between $56,500 and $58,000. The daily Bitcoin RSI has entered oversold territory for the first time in many months, suggesting a potential bounce or sideways consolidation in the short term.
In terms of resistance levels and relief from the bearish trend, a bullish bounce to the upside could occur into areas of resistance around $63,000 to $64,000, and possibly $67,000 to $68,000, with a major resistance level between $72,000 and $74,000. For a short-term bullish outlook, breakouts above significant resistance levels like $64,000 and ideally $68,000 would be needed, along with a bearish trend reversal in the DXY.
On a positive note, there has been a shift in Bitcoin ETF flows with a net inflow of about $31 million after weeks of net outflows. While this inflow is relatively small, if the trend continues it could be bullish for Bitcoin.
Overall, the market is currently in a short-term bearish trend, but some relief is expected in the near future. It is important to watch for key resistance levels and positive developments in Bitcoin ETF flows to determine the future direction of Bitcoin’s price.