Bitcoin Price Analysis (BTCUSD):
Expected Scenario:
Bitcoin price (BTCUSD) is experiencing temporary negative pressure, moving below the $70,000 barrier. However, the stochastic indicator has moved out of its negative momentum and is approaching the oversold areas. This suggests potential for the price to resume positive trades and continue the main bullish trend, with the next target at $73,817.92.
Therefore, we expect to witness positive trades in the upcoming sessions. It is important to note that breaking below the $69,385 level will halt the expected rise and could push the price to suffer additional losses, targeting the $67,080 level as the next negative station.
Expected Trading Range:
- Support: $68,500
- Resistance: $72,500
Trend Forecast: Bullish
Given the positive outlook supported by technical indicators and the stochastic recovery from negative momentum, the trend forecast for Bitcoin remains bullish. Traders should monitor the support and resistance levels closely, particularly watching for any breaks below $69,385, which could indicate a shift to a bearish trend.
