Bitcoin appears to be entering a rebound phase, with its recent price surge bringing the asset close to the $66,000 mark. After briefly touching a 24-hour high of $64,893 earlier today, Bitcoin has retraced slightly and is now trading at $63,786, marking a modest 0.2% decline over the past 24 hours.
Despite this minor pullback, analysts remain divided on Bitcoin’s immediate future. Some experts point to key technical levels that could determine the next significant move for the cryptocurrency.
Renowned crypto analyst, Emperor, shared his insights on Bitcoin’s price action earlier today. In a detailed post, Emperor noted that Bitcoin had successfully bounced from a critical support zone around $58,000, which he had previously identified as a potential buy zone. Emperor emphasized that Bitcoin has reclaimed the 200-day Exponential Moving Average (EMA) on the 4-hour chart, which he views as a favorable development. He highlighted that Bitcoin’s recent price movement, including front-running the quarterly open and sweeping weekend range lows, is indicative of a strong uptrend. Emperor suggested that while Bitcoin may not continue its upward momentum this week, it remains in a bullish phase, with the next target being the monthly open. He also mentioned that he plans to take some profits on swing positions, advising gradual profit-taking on Bitcoin while bidding on alternative cryptocurrencies.
Conversely, other analysts remain more cautious. Macro Johanning, another well-known figure in the crypto space, also offered his perspective on Bitcoin’s recent price action. Johanning noted that Bitcoin recently swept the high at $65,100, which could have temporarily exhausted its bullish momentum, potentially leading to a dip to around $61,000 before further upward movement. He pointed to several key economic events scheduled for the week that could influence Bitcoin’s short-term direction. These include the release of US Consumer Confidence data on Tuesday, Nvidia’s earnings report on Wednesday, Q2 2024 GDP data and July Pending Home Sales on Thursday, followed by July PCE Inflation data on Friday.
Johanning highlighted that these events will likely impact market sentiment and add volatility to Bitcoin’s price action. He identified Bitcoin’s next significant resistance level around $67,000, which could become a target once the current consolidation phase resolves.
