BTCs bullish trajectory hinges on closing above this level says Bitcoin price forecast
Bitcoin (BTC) has been making an attempt to stop the recent downward trend in the past day, after losing significant support levels. Despite showing temporary bullishness by reaching the $56,000 resistance zone, crypto analyst Ali Martinez warns that Bitcoin is not yet in the clear.
In a post on X (formerly Twitter) on July 5, Martinez pointed out that Bitcoin needs to cross a crucial threshold to regain its bullish momentum. He noted that Bitcoin currently lacks strong support and must close above $61,000 to restart its upward trend.
Since reaching an all-time high of over $73,000, the $60,000 support has been seen as a key level to push BTC towards a new all-time high, with $100,000 being the ideal target.
“Bitcoin currently lacks significant support… And for the bull run to resume, $BTC must close and hold above $61,000,” the analyst highlighted.
Martinez also shared data from IntoTheBlock on Bitcoin’s In/Out of the Money Around Price (IOMAP), indicating that addresses holding the asset between $44,256.50 and $51,841.18 represent around 42.86% of total addresses, holding 1.41 million BTC. He emphasized that $47,000 is the crucial support level to watch, and failure to maintain this level could lead to further downside risk.
Bitcoin has been under bearish pressure recently, attributed to several factors such as the repayment of Mt. Gox customers, which is considered a major bearish trigger. The defunct exchange plans to make approximately $9 billion in repayments, causing panic among market participants.
Additionally, Bitcoin is caught between two critical psychological thresholds: $50,000 and $60,000, with the 365-day exponential moving average (365-EMA) at $50,589 and the 30-day EMA at $62,695. At the time of writing, Bitcoin was trading at $56,695, showing a 3% gain in the last 24 hours but down nearly 7% on the weekly timeframe.
It’s important to note that the content of this article should not be considered investment advice, as investing is speculative and involves a risk to your capital.
