A Crypto Analyst Warns of Critical Levels for Bitcoin (BTC) Trading
A popular crypto strategist is sounding the alarm, cautioning that Bitcoin (BTC) is currently trading at critical levels that indicate a high risk for a potential deeper correction in the market.
Altcoin Sherpa, a pseudonymous trader, recently shared his insights with his 242,800 followers on the social media platform X, highlighting the importance of Bitcoin maintaining support at $76,600 to sustain its bullish momentum.
Key levels that Altcoin Sherpa is closely monitoring include $77,903 and $78,197, which he describes as crucial thresholds for Bitcoin’s price action.
“Do or die levels for BTC.”
Altcoin Sherpa further emphasizes that a close below $76,000 on the three-day chart could potentially lead Bitcoin to revisit the mid-$60,000 range in the near future.
“We close below that wick at $76,000 on HTF (high timeframe) and I think we go to mid-$60,000s quickly if we don’t rebound near immediately after. It’s not a bad R:R (risk:reward) spot for a long around here but obviously a bit dangerous.”
The analyst also speculates on whether Bitcoin can rally without retesting the $60,000 range, suggesting that the market may be at a pivotal moment that will determine the future price action of the flagship cryptocurrency.
“Current region hopefully holds but overall market structure is ugly. High $60,000s still on the table for BTC, but the next few days should be quite telling.”
Altcoin Sherpa highlights the possibility of Bitcoin getting trapped in a low-volume trading range in the short term, suggesting that price fluctuations within the $71,000-$82,000 region could persist as the market seeks to establish stronger support and resistance levels.
“Volume profile shows a lack of activity in the $71,000-$82,000 region; wouldn’t be surprised to see price chop around here for a while to fill it out. I had this theory a while ago.”
As of the latest data, Bitcoin is trading at $82,400, reflecting a 7.6% increase in value over the past 24 hours.
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