Market experts believe that BTC is likely to fluctuate between $57,000 and $62,000 after reaching $62,000. As this continues to accelerate, traders are expecting a breakout above $64,000 as its price in Bitcoin. Many expect such a higher resistance level to force many market participants to expect a drastic change in the market situation.
Bitcoin could see 1-2 days of consolidation in the coming days as the market corrects after its recent rally to $62,000. Such consolidations typically occur when trading insiders take a break to assess the market trend and strength. Today, the prerequisites for a strong trend formation can be observed, which could indicate that Bitcoin is entering a new bullish phase.
Bitcoin price has been pushed to the important level of $62,000 in recent cryptocurrency trading. Experts claim that the next major hurdle will be at $64,000, a level that could potentially act as a barrier to Bitcoin’s rise. A test and breakout above $64,000 could mean a continuation of the Bitcoin bull run, and many traders are still keeping an eye on the price.
The next breakthrough in the future?
Market activity remains bullish; many are positioning themselves correctly for a breakout either to the upside or downside. If Bitcoin manages to reclaim $64,000, it is believed that this will be a key value that will determine the further progression of Bitcoin price. While this is one of the reasons why there may be a slowdown in trading activity during the consolidation phase, this should not last too long as the trend shows that there is a positive sentiment towards the stock.