Bitcoin appears to be entering a rebound phase, given its recent increase that brought the asset's price close to the $66,000 mark. After briefly touching a 24-hour high of $64,893, Bitcoin has retraced slightly, trading at $63,786, reflecting a minor 0.2% decline over the past day.
Despite this slight pullback, analysts remain divided on Bitcoin's immediate future. Emperor, a renowned crypto analyst, observed that Bitcoin bounced from a critical support zone around $58,000. He believes the asset remains in a strong uptrend, having reclaimed the 200-day Exponential Moving Average (EMA) on the 4-hour chart.
Emperor notes that Bitcoin may not see a continuous upward push this week but remains bullish, with a target at the monthly open. He advises taking profits on swing positions while bidding on altcoins. Meanwhile, Macro Johanning suggests that Bitcoin's recent high at $65,100 may have exhausted its bullish momentum, potentially leading to a dip to around $61,000 before further upward movement.
Johanning highlights the importance of upcoming economic data releases, including US Consumer Confidence data, Nvidia’s earnings report, Q2 2024 GDP data, July Pending Home Sales, and July PCE Inflation data. These events are likely to influence market sentiment and add volatility to Bitcoin's price action.
Bitcoin's next significant resistance level is around $67,000, becoming a potential target after the consolidation phase.
