Summary
- The outlet said Bitcoin (BTC) must break through the $72,000-$75,000 resistance zone to confirm a meaningful trend reversal.
- It said selling pressure is likely to remain dominant until BTC clears resistance from its 100-day and 200-day moving averages in the $71,000-$75,000 range.
- The outlet said BTC could retest the $60,000 support level if it fails to break above $72,000, and could fall to $55,000 if that support gives way.
Forecast Trend Report by Period
Bitcoin must break through resistance between $72,000 and $75,000 to mark a meaningful trend reversal, CryptoPotato said.
The digital-asset outlet wrote on July 3 that Bitcoin is trading below its 100-day and 200-day moving averages on the daily chart. Those two moving 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 the $60,000 support level as buying interest returned, the outlet said. A bullish divergence in the relative strength index, or RSI, also suggests the potential for a short-term rebound.
CryptoPotato said Bitcoin could retest support at $60,000 if it fails to break above first resistance at $72,000. If that level gives way, it could fall toward the next major support zone at $55,000.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.