Bitcoin

Crypto analyst Thescalpingpro has highlighted a critical juncture for Bitcoin (BTC) as it approaches a new weekly close. According to the analyst’s recent X post, Bitcoin has broken below a key range after 125 days of consolidation, implying that this could result in a significant change in the Bitcoin Market. 
Thescalpingpro noted that Bitcoin had been fluctuating between $33,000 and $66,000 for over four months. This extended period of sideways movement has now given way to a breakdown, which could signal the start of a new trend. 
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> – Important weekly close The weekly close for Bitcoin is crucial as the price has broken down below the range after 125 days of consolidation When the price breaks out of such a significant consolidation, it usually leads to a substantial move and continuation in the… <a href="https://t.co/yau1CgFOvo" target="_blank">pic.twitter.com/yau1CgFOvo</a>— Mags (@thescalpingpro) <a href="https://twitter.com/thescalpingpro/status/1809871617432178924?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 7, 2024</a>
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The analyst outlines two possible scenarios for Bitcoin’s near-term price action. In a bullish case, if Bitcoin manages to reclaim the $60,000 level by the end of the week, it could invalidate the recent breakdown and potentially push towards $70,000.&nbsp; 
Conversely, a bearish scenario would see Bitcoin closing the week below $60,000, potentially leading to a retracement to around $44,233, the previous mid-range level. 
The $60,000 threshold has emerged as a critical point of focus. Thescalpingpro suggests that while the current market bias leans slightly bearish with Bitcoin trading below this level, a reclamation of $60,000 could rapidly shift sentiment and drive prices higher. 
This analysis aligns with other market observations. For instance, analyst Ali Martinez has stated that Bitcoin needs to reclaim and hold above $61,000 to resume its bullish trend. 
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> currently lacks significant support. The main key demand wall is around $47,000, and for the bull run to resume, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> must close and hold above $61,000. <a href="https://t.co/9cD2otd4ZK" target="_blank">pic.twitter.com/9cD2otd4ZK</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1809164726770761816?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 5, 2024</a>
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At the time of writing, Bitcoin is trading at $56,825 after failing to keep its position above the $57,000 level. The upward weekly closing will determine whether BTC can regain lost ground or head for further corrections downwards. 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXctLWPvFwmVWVw8TlGjKA9DeAHe7BV0uJ5PPulWPUNbHtKtHUAtD8Db3vR7KA5-nlOyV9RtQ29fBOvU-XADyzxGGj_uvRQwf4Mfa15N0BvMiJjT-UY9b8Z383Nz4ksp2T6sVkAu-40vdSEYRTxts45Z3Pg?key=8Qi8BSe3jtIKx7Q8n9xSQA" alt="AD 4nXctLWPvFwmVWVw8TlGjKA9DeAHe7BV0uJ5PPulWPUNbHtKtHUAtD8Db3vR7KA5 nlOyV9RtQ29fBOvU XADyzxGGj uvRQwf4Mfa15N0BvMiJjT UY9b8Z383Nz4ksp2T6sVkAu">
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 Bitcoin Current Price Chart | Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/07/bitcoin-etfs-see-143-1m-inflow-as-bitcoin-price-dips/" target="_blank" rel="noreferrer noopener">Bitcoin ETFs See $143.1M Inflow as Bitcoin Price Dips</a> 
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Bitcoin’s Price Movement Will Be Extremely Volatile: Analyst Predicts

The Crypto Times

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