Veteran trader Peter Brandt states that Bitcoin's recent rally isn't sufficient to reverse the long-term bearish trend. To achieve a bullish shift, Bitcoin must break the $71,000 mark. Despite temporary surges, the cryptocurrency hasn't reached levels to confirm a reversal, making $71,000 the key threshold.
Other analysts like Jesse Colombo warn that geopolitical tensions and market patterns could further impact Bitcoin's performance. Despite ongoing concerns, QCP Capital notes cautious optimism, suggesting a potential recovery as recent sell-offs seem shallow. Michal van de Poppe anticipates a short-term pullback before a rebound.
Resistance levels around $70,600 and $73,800, including Bitcoin's all-time high, have consistently capped its upward movement. Brandt believes Bitcoin will remain in its consolidation phase unless it breaks $71,000. This failure continues a 7-month trend of lower highs and lows, confirming a bearish sentiment.
Bitcoin's 8-week SMA functions as a resistance, coinciding with market indecision around buying or selling. With the Average True Range indicating limited volatility, large market movements are possible, yet not guaranteed. Analysts watch these indicators as potential signals for Bitcoin's next direction.
Geopolitical tensions, especially in the Middle East, have pressured the cryptocurrency market, underscoring Bitcoin's vulnerability compared to precious metals. Analyst Jesse Colombo argues that global concerns drive Bitcoin and crypto downturns, aligning with its historical behavior during such periods.
QCP Capital's optimism counters bearish outlooks, highlighting potential investor interest in riskier assets like Bitcoin. Michal van de Poppe anticipates a retest of the $60,000 level, suggesting a market turnaround if this support holds, providing a perspective of possible recovery.
