Bitcoin analysts are watching closely as the cryptocurrency trades in a tight range, suggesting a big move may be coming soon. The direction of that move, however, is still unclear.
Bitcoin’s Symmetric Triangle
Renowned crypto technical analyst Ali Martinez pointed out that Bitcoin is forming a symmetrical triangle on its 4-hour chart. The upper boundary sits just below $63,000, while support is around $61,000. Martinez believes a breakout is imminent. He said a decisive hourly close above $63,000 could trigger a 10% price expansion as buying momentum picks up. On the flip side, if Bitcoin closes below the $61,000 support, it might increase bearish pressure.
Martinez is keeping an eye on trading volume at these key levels to spot early signs of a sustained move. He shared his analysis on X, where he told followers that he is monitoring the situation closely.
The Key Levels for Bitcoin
Prominent crypto investor Ted Pillows also sees $61,000 as a crucial support zone. He noted that Bitcoin has held that level recently, even while stocks and precious metals made new local lows. Pillows thinks Bitcoin could push a bit higher in the short term, perhaps rallying to the $64,000 region before reversing later in the third quarter. Other possibilities he mentioned include a move to $67,000 or even $70,000 before the trend turns down.
But if Bitcoin drops below $61,000 from here, Pillows said it might find support around $59,000 or fall further to $56,500 before bouncing back.
At the time of writing, TradingView data shows Bitcoin trading at $62,832. That marks a 6.7% recovery from its recent low of $59,100, which was a yearly low for the asset. Many analysts believe the bearish trend could continue until macroeconomic indicators and other external factors shift to boost investor confidence.
