Why $64300 Is a Critical Level for Bitcoin’s (BTC) Price Rally: What to Expect!
Bitcoin bears have great strength as they continue to keep price levels inside a predefined range. The longs were promptly pulled down.
They appeared to be on track to set new monthly highs above $64,000, which would have altered the entire picture of the BTC price increase in the short term. While the long-term trade is stable and bullish, short-term price fluctuations may play an important role in drawing liquidity.
As a result, it has become increasingly crucial for the Bitcoin price to hit a particular range in order to recoup the lost levels above $65,000. The question is whether the bears will let the rally to continue within the bullish area, or if it is merely another trap.
Following the current dip, bears are shorting with confidence, with a liquidation range of $64,000 to $67,000. As a result, this range may be quite important as it conveys
The price of Bitcoin is expected to rise in the next days. ALI, one of the leading experts, has identified the important levels and believes the price’s future is heavily reliant on them.
The analyst employed the MVRV extreme deviation price range, which was calculated from the MVRV ratio based on the degree of divergence. The upper and lower bands are calculated and computed using these levels, which represent +/- 0.5 to 1.0 standard deviations. Having stated that, the pivotal level at +0.5 standard deviation is around $64,290, which can be considered a critical range to accomplish. Thus, the experts state that
“If Bitcoin can retake $64,290 as support, it is expected to soar to $76,610. If it does not exceed $64,290, L could retest support at $51,970.” In a broader sense, the bulls have been holding the range around $56,800 rather well and have launched a significant rally a couple of times. As a result, if acute selling pressure builds, the price may break through the support levels, allowing it to make new lows below $52,000. However, the Bitcoin price continues to trade within a falling wedge, sending optimistic signs for the cryptocurrency and indicating the likelihood of reaching higher levels in the coming days.