Bitcoin Completes 9th Test Of $60,000, Where Does Price Go From Here?

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Bitcoin (BTC) has completed its ninth test of the $60,000 support level, hinting at a potential shift in the cryptocurrency’s trajectory. According to a crypto analyst, Bitcoin faces significant moves ahead and determining the direction of this momentum is crucial.  

BTC Retests $60,000 Support For The 9th Time

In an X (formerly Twitter) post published on July 3, a crypto analyst identified as ‘Dana Crypto Trades’ declared that Bitcoin has successfully completed its ninth test for the $60,000 support region. A support level is a price threshold where assets tend to stop falling, signaling the potential for a bounce back in the cryptocurrency.

Bitcoin retest 1
Source: X

The crypto analyst disclosed that Bitcoin has maintained a support level of $60,000 for approximately nine months, and during those months it has undergone multiple price tests. While the cryptocurrency showed strength by sustaining this crucial level, Dana Crypto Trades highlighted that the support level eventually failed, resulting in substantial price declines for Bitcoin.

He noted that the distinctive difference between previous price tests and the recent one was that many crypto investors and enthusiasts believed that the $60,000 support level would be Bitcoin’s bottom, anticipating that it would halt further price declines. The crypto analyst revealed that presently opinions seem to be divided about the direction Bitcoin will take with this new retest, revealing that some individuals believe that $60,000 would hold as the support level, while others remain skeptical.

BTC retest 2
Source: X

Highlighting Bitcoin’s current lack of momentum, Dana Crypto Trades explained that prices of cryptocurrencies often consolidate around specific levels for an extended period, showing minimal upward or downward movement. He disclosed that the overall high timeframe trend was important in determining the future direction of Bitcoin’s price

Additionally, He stressed the importance of not dismissing any support or resistance level of Bitcoin until its price has completely and undoubtedly broken through on a higher timeframe. The analyst added that after a period of consolidation, large price movements are often expected in a cryptocurrency. This is because the market builds substantial momentum during the consolidation phase, resulting in a significant breakout or breakdown. 

Analyst Predicts Major Price Swings For Bitcoin

In one of his most recent X posts, Dana Crypto Trades shared a BTC price chart, noting that Bitcoin volatility indicators have become less erratic lately. He disclosed that typically when volatility drops to such low levels, it often signals a significant price movement.

Bitcoin retest 3
Source: X

As a result, the analyst has suggested that Bitcoin could be getting ready for a major price swing. He also emphasized that while the indicators signal an upcoming big move for Bitcoin, they do not specify the direction of the movement, highlighting the uncertainty of whether BTC will rise or fall. 

At the time of writing, Bitcoin’s price dipped below the $60,000 support level, settling at $57,359. The cryptocurrency has experienced a notable decline of over 5.14% within the last 24 hours.

Bitcoin price chart from Tradingview.com
BTC price fails recovery trend | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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