Bitcoin, Technical Analysis – H4
Despite a partial recovery from the psychologically important support at $60,000, the Bitcoin market remains in a depressed state.
Despite a partial recovery from the psychologically important support at $60,000, the Bitcoin market remains in a depressed state. The price failed to break and hold above the $67,500 level. Consequently, the more probable scenario is a renewed decline toward the $61,000 area, where the bulls’ real strength in defending this zone will become clear.
Key Levels:
□ $60,000 — strong psychological support
□ $61,000 — near-term downside target
□ $63,500–$65,000 — consolidation zone
□ $67,500 — key resistance
Primary Scenario:
Initiation of a new decline toward $61,000.
Alternative Scenario:
Continued consolidation within the $63,500–$65,000 range.
Analyst Commentary:
The leading advocate for Bitcoin on the bullish side, Michael Saylor, has announced fresh purchases of Bitcoin for MicroStrategy’s balance sheet. This development has the potential to provide additional market support.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.