Bitcoin Must Break Above $72,000 to Confirm Trend Reversal
Summary
- The outlet said Bitcoin (BTC) needs to break through the $72,000 to $75,000 resistance zone to begin a meaningful trend reversal.
- The outlet said BTC could retest the $60,000 support level if it fails to break above the first resistance at $72,000.
- It said the support level could give way, sending BTC down to the next major support zone at $55,000.
Forecast Trend Report by Period
Bitcoin needs to break through resistance between $72,000 and $75,000 to confirm a meaningful trend reversal, CryptoPotato reported.
The cryptocurrency-focused outlet wrote on July 3 that Bitcoin is trading below its 100-day and 200-day moving averages on the daily chart. Those averages are acting as strong resistance in the $71,000 to $75,000 range.
Until Bitcoin reclaims that zone, selling pressure is likely to remain in control.
Still, Bitcoin recently rebounded from support at $60,000 as buying interest returned, the outlet said. It added that a bullish divergence has appeared on the relative strength index, or RSI, pointing to the potential for a short-term bounce.
CryptoPotato said Bitcoin could retest the $60,000 support level if it fails to break above the first resistance at $72,000. If that support level gives way, the token could fall to the next major support zone at $55,000.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.