Bitcoin’s price has been experiencing a downward trend in the past two weeks, but analysts believe that it may have reached a bottom between $63,000 and $65,000. Michaël van de Poppe, founder of MN Capital, stated on June 20 that Bitcoin is likely to have bottomed in this range. His analysis was based on Bitcoin’s bounce from $64,950 to a high of $66,455 during the European trading session. He shared a chart with his followers on the X social media network, showing BTC bouncing off a key demand level between $63,000 and $65,000. According to Van de Poppe, if the price remains above this level, it will gain upward momentum.
Another analyst, Jelle, expressed a similar sentiment, stating that BTC is fighting to stay above the key support level of $65,000 and that bulls are working to establish a higher low and higher high in the market structure. Jelle believes that Bitcoin’s local market structure is slowly shifting back to bullish and is keeping an eye on a reclaim of $66,000 for confirmation of strength.
The 200-day exponential moving average (EMA) is seen as the last line of defense for Bitcoin’s price. Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin has formed a series of higher lows on the daily chart to stay above the ascending trendline. Bulls need to hold the price above this level to ensure a recovery. The appearance of a doji candlestick on the daily chart indicates the significance of the $65,000 level for both buyers and sellers.
If bulls fail to maintain control, the 200-day EMA at $64,300 is expected to provide support. Data from IntoTheBlock suggests that this level is reinforced by strong demand-side liquidity, with approximately 1.07 million BTC previously bought by about 1.75 million addresses within the $64,018–$65,975 price range.
If Bitcoin’s price manages to break past the resistance provided by the 100- and 50-day EMAs at $66,699 and $67,000 respectively, it could enter a phase of price discovery. Analyst Moustache believes that if this happens, the price could potentially surpass $70,000 for the last time. Moustache points out that Bitcoin is nurturing an inverse head-and-shoulders pattern on the daily timeframe, which could lead to a massive upward breakout towards the next key price level of $72,000, and potentially even reach its all-time high price of $73,835. Jelle also agrees with this outlook, suggesting that Bitcoin could make a run for $100,000.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and make informed decisions when it comes to investing and trading.