Bitcoin (BTC) fell below $60,000 during the week, but lower levels attracted buyers who are trying to start a recovery. Bitcoin remains stuck inside the $56,552 to $73,777 range, indicating a tussle between the bulls and the bears. It is difficult to predict the direction of the breakout with certainty. Hence, traders may either trade the range or wait for the breakout to happen before establishing large bets.
Investors are divided about Bitcoin’s future price action. Former PayPal CEO Peter Thiel believes that Bitcoin does not have much room to run on the upside. While speaking to CNBC, Thiel said that Bitcoin’s price may rise a little, “but it’s going to be a volatile, bumpy ride.”
Crypto market data daily view. Source: Coin360
In contrast, popular trader BitQuant is bullish on Bitcoin. He said in a post on X that his Bitcoin model points to a target objective of $95,000 every time he runs it.
Bitcoin’s drop toward $60,000 has increased selling in several altcoins, but a few have bucked the trend. Let’s study the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin bulls have managed to defend the $60,000 level in the past few days but are struggling to push the price above $62,500.
BTC/USDT daily chart. Source: TradingView
The downsloping 20-day exponential moving average ($63,651) and the relative strength index (RSI) in the negative territory suggest that the bears hold the edge. If the $60,000 support breaks down, the BTC/USDT pair could plummet to $56,552. Buyers are expected to defend this level with all their might because failing to do so may sink the pair to $50,000.
Contrarily, if the price turns up and breaks above $62,500, it will suggest that the bulls are attempting a comeback. The pair could then rise to the crucial resistance at $64,602 and subsequently to $70,000.
BTC/USDT 4-hour chart. Source: TradingView
The 20-EMA on the 4-hour chart is flattening out, and the RSI is just above the midpoint, indicating a balance between supply and demand. If the price rises above $62,500, it will suggest the start of a strong recovery. The pair could attempt a rally…
..
