Will Bitcoin Fall Again? Current BTC Analysis

• Bitcoin$BTC~USD" api="cryptocompare.com" realtime="true" animation="backgroundRedGreen"> rallied from the $62,910-$62,300 support zone and traded long at $62,910.
• According to Coinotag analysts, $BTC has a target of $65,800 and is expected to exceed this level. Otherwise, the decline may continue.
• Readers are advised to set an entry stop at $62,910 and set their targets at $65,800 and $69,000.

Bitcoin’s technical analysis focuses on the target of $69,000 by breaking the resistance above $65,800 with the rise starting at $62,910.

MEDIUM TERM $BTC ANALYSIS

8-Hour $BTC/USD Price Chart

Looking at Bitcoin’s 8-hour technical chart, according to the analysis we shared yesterday, $BTC fell to the $62,910 – $62,300 support zone in the last decline and rose from the $62,910 level.

Our followers who traded long at $62,910 were up more than 3% yesterday and it would be more strategic to put the entry stop at this level. Because if $BTC falls again from this level, it may fall to $62,300 and $61,200.

According to Coinotag analysts, as long as Bitcoin price stays above the $62,910-$62,300 support range, its first target will be $65,800. If $BTC breaks the $65,800 resistance and closes 8-hour candles above $66,800, it could continue its uptrend to $69,000.

Therefore, it is important for our readers who trade long at $62,910 to follow the entry stop and set their targets at $65,800 and $69,000 respectively.