Bitcoin price prediction: Why $61k and $67k are BTC’s key levels to watch
Bitcoin [BTC] managed to push greater to $66,956 on Tuesday, July 21. The bulls had been met with rejection again then, however the pullback solely reached the $63.9k space earlier than climbing again towards $65k.
Since October, the foremost crypto has been in a bearish swing construction on the 1-day timeframe. This example has not modified but.
Bearish ETF flows on the finish of the earlier week signaled a possible sentiment shift. The funding charges remained optimistic, and the lengthy quantity within the derivatives market barely outnumbered the brief positions.
Promoting strain from miners was down, and it was buying and selling inside a rising channel, AMBCrypto reported. Whale accumulation from centralized exchanges additionally pointed towards a bullish long-term outlook for buyers.
Bitcoin value prediction course stays bearish within the long-term
Not a lot has modified for the reason that earlier week of buying and selling. The $67,292 swing excessive was not but breached. Nor was the worth headed towards, and beneath the $57,800 swing low.
Nicely-known analyst Joao Wedson used the Bitcoin Binance reserve realized value to attract consideration to an vital assist degree. The metric measures the typical price foundation of Binance’s reserves.
In 2022, this assist was misplaced, later appearing as resistance till it was reclaimed in 2024. To this point in 2026, the exams of this assist at $61k have been defended by the consumers.
Merchants’ name to action- Keep cautious
Over the previous two weeks, a substantial quantity of lengthy and brief liquidations have constructed up at $63.5k and $67.1k, respectively. These are the close by key magnetic zones swing merchants must control.
If the longer-term downtrend is to proceed, it could be extra possible that Bitcoin climbs to take down the overhead liquidation ranges earlier than plunging southward.
The subsequent directional transfer might depend upon a macro catalyst.
The Federal Reserve’s price determination will probably be introduced on Wednesday, July 29. The Private Consumption Expenditure [PCE] information would even be revealed only a day later.
We’re heading right into a crucial 48-hour window, crypto analyst Ibrahim Cosart wrote. Managing danger will matter greater than making directional bets, the analyst concluded.
As soon as the mud settles, if BTC has breached $67.2k, a rally towards $73k-$77k would change into possible. On the flip facet, a breakdown beneath $63.7k would possible see BTC hunch towards the $61k and $57.8k demand zones.
Closing Abstract
- Bitcoin has been flowing out of exchanges since June, and whale accumulation has been underway lately.
- Bitcoin’s subsequent directional transfer might hinge on whether or not consumers proceed to defend $61k whereas making an attempt to reclaim resistance close to $67k.
