Crypto analyst Kaz has called the locals Bitcoin summitstating that the leading crypto has little room for the upside. The analyst also explained why BTC is now likely to fall below the psychological level of $60,000, which would mark a new low for the crypto asset.
Bitcoin top is about to form as price dips below $60,000
In one X messageKaz said Bitcoin is very close to a local top despite market participants predicting a continued rally to $90,000. He noted that the last local top was around $97,000, with people calling for a rally to $108,000, but that didn’t happen. Instead, BTC was rejected from the daily Fair value difference (FVG) and recorded a huge drop.
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Kaz stated that the same price action is happening again, with Bitcoin very close to the local top and a daily FVG. The analyst predicted that BTC might be rejected from the daily FVG and a local winner between $80,000 and $82,000. He also said that the final series won’t dump in an instant, but would rather be a slow bleed.
The analyst further pointed to the first week of May as the time when the Bitcoin top could form. Commenting on the current price action, he noted that BTC has only hit the highs and formed equal lows in the lower time frame, which will most likely be wiped out. Its accompanying chart showed that BTC could fall lower to $56,000 on the next move. Meanwhile, Kaz revealed that he will increase his shorts if BTC reaches the $80,000 range.
BTC no longer in a bear flag
In one X messageCrypto analyst Colin stated that Bitcoin remains in the yellow channel, with $81,000 as resistance at the upper limit. The analyst noted that a break above this upper limit would be bullish, while a break below the $72,000 lower limit would be bearish. He added that if BTC continues to gradually climb within the channel, it will crash into the channel resistance above the head between $80,000 and $86,000.
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Colin warned that Bitcoin will struggle to maintain its upward momentum here and will likely find a local top, which will be completed the relief meeting. He explained that this range will most likely be a rejection point for BTC as there is a convergence of overhead resistance levels, the 200-day moving average (MA) and the upper range of the channel. Its accompanying chart showed that BTC could fall to around $66,000 once this relief rally is over.
At the time of writing, the Bitcoin price is trading around $75,600, down more than 2% in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com