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$64K breakout nears as traders brace for Bitcoin’s next move after consolidation?

Is this Bitcoin rally manipulated? Some major cryptocurrency traders are growing concerned about the recent price swings in Bitcoin (BTC), speculating that the sharp moves could be due to market manipulation rather than genuine market fundamentals. As a reminder, Bitcoin has experienced significant volatility over the past two weeks, moving in a range between $65,000 and $52,000. These sharp swings, both up and down, have raised questions about the underlying forces driving the market.

At the time of writing, Bitcoin is trading at $62,689, down 1.5% in the past 24 hours. The asset is down less than 1% on a weekly basis, highlighting the ongoing uncertainty in the market. Konstantinas Syzovas, a well-known crypto analyst, specifically notes Bitcoin’s struggle to break through key resistance levels, signaling a potential correction towards the $52,000 mark as downward pressure intensifies. According to the analysis, Bitcoin is currently trading sideways. That is, BTC’s price failed to break through the critical resistance zone at $65,000, leading to an 11% drop to $59,000, despite a brief 7% gain after retesting the level. Bitcoin is currently struggling to maintain its position above the mark, and many market participants believe that the long-term bullish trend for the asset is still in place. For example, a recent analysis by Titan of Crypto showed that Bitcoin could potentially rise to $105,000 in the current market cycle. However, the false break above $65,000 confirmed the bearish structure of the market, with Bitcoin continuing to form a local downtrend. The formation of this downtrend in a wider sideways range between $65,000 and $52,000 is a key signal for traders. The change in market sentiment to bearish and the formation of a downtrend channel, observed on both the daily and weekly timeframes, are also significant indicators.

Adding to the bearish outlook are concerns about rising inflation in the US, caused by better-than-expected CPI and PPI data that have rattled global markets. This inflationary pressure, coupled with expectations of further interest rate hikes, poses additional challenges for Bitcoin as investors move away from riskier assets such as cryptocurrencies. From a technical perspective, some analysts are predicting a potential drop to $52,000, highlighting Bitcoin’s movement in a descending parallel channel, which is often associated with further declines. We do not particularly share this opinion, as well as warnings about a possible drop to $49,000. In our opinion, Bitcoin may consolidate for 1-2 days in the coming days, while the market adjusts after the recent jump to $62,000. Consolidation of this kind usually occurs when market participants pause to assess the market trend and strength. Today, we can see the prerequisites for a strong trend to form, which may indicate that Bitcoin is entering a new phase of price growth. The price of Bitcoin has already reached a critical level of $62,000 in recent trading of the digital currency. The next big barrier is around $64,000 – this level may become a potential obstacle for further growth in the value of Bitcoin. A test and breakout above $64,000 could mean continued growth for Bitcoin, and many traders are keeping an eye on the price.

The market activity is still bullish; many people are rightly set for the market to break either up or down. If Bitcoin manages to reclaim the $64,000 level, it is believed that this will be a critical value that will determine the further evolution of the Bitcoin price. Although this is one of the reasons why there may be a slowdown in trading activity during the consolidation phase, it should not last very long, as the trend shows that the sentiment on the stock is positive. Users of this digital currency are closely watching the price fluctuations, and most of them believe that this cryptocurrency will break through the $64,000 mark to move on to the next move.

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