Amid the recent decline in Bitcoin prices and the overall cryptocurrency market, popular crypto analyst and crypto enthusiast Titan has highlighted the $61,500 price level as a key threshold to keep an eye on the largest cryptocurrency.
Crypto Analysis Titan sees the above levels as pivotal points for Bitcoin that could determine its next price trajectory.
$61,500, a level to watch for Bitcoin
Today, May 14, BTC fell sharply to nearly $61,500, showing little momentum for a price recovery. While many consider this a worrying development, Crypto Titan believes it is a development worth noting. He believes that this level is very important and is a level worthy of attention for Bitcoin.
Cryptocurrency experts further warn of impending volatility in surrounding markets Fed Chairman PowellSpeech later today. Therefore, Crypto Titan urges the community to remember that it is better to postpone making a decision until after the close of the BTC daily candle and until the next candle confirms the previous one.
The content of the post is as follows:
Bitcoin $61,500 is a level to watch. Market volatility is expected around today’s speech by Powell. Regardless, keep in mind that it is wiser to wait for the BTC daily candle to close and confirm the following candle before drawing any conclusions.
While the expert expects volatility in Bitcoin, he believes the crypto asset’s bull run is far from over, suggesting a rise is still possible.
Related Reading
According to Crypto Titan, Bitcoin’s Risk-Adjusted Return Oscillator (RAR) indicator has recently entered overbought territory. However, analysts claim that this is not a cause for alarm given that it took more than eight months for Bitcoin to emerge. peak Follow developments based on previous bull cycles.
Looking at Bitcoin’s price action on the daily time frame, experts confirm that the digital asset “looks good.” As a result, BTC followed bullish targets to unprecedented heights, specifically around $112,185. “The game is a zero-sum game, where impatient people give money to patients,” he added.
A possible retracement to $62,000
While Crypto Titan expects a price increase, another crypto trader, Ali Martinez, predicts an early retracement. The expert highlighted the possibility of Bitcoin falling to $62,000 in the short term.
The analyst said that the 200 exponential moving average (EMA) on the 4-hour chart appears to be rejecting Bitcoin, while the TD sequential indicator is suggesting a sell signal.Martinez expects that if this development is confirmed Bitcoin down to $62,000.
Related Reading
However, for BTC to move higher, it will need to sustain a 4-hour candlestick close above the $64,000 threshold. Therefore, with the coin trading below $62,000, Martinez’s prediction appears to have been fulfilled.
As of this writing, the coin is trading at $61,512, indicating a gain of approximately 1.98% over the past day. Its trading volume increased by 9.67% in the past 24 hours, while its market capitalization fell by 2.65%.
Featured image from iStock, chart from Tradingview.com
