Bitcoins next levels to monitor outlined by expert as BTC remains trapped in a parallel channel

After Bitcoin (
BTC
) established itself above the $60,000 threshold, the bulls are now aiming to maintain their dominance despite facing uncertainty amidst some bearish elements.

According to crypto analyst Ali Martinez, Bitcoin seems to be “stuck in a parallel channel,” with key levels to monitor for potential price movements. Martinez noted that if the lower boundary at $62,500 holds, Bitcoin could rebound to $63,200 or $63,800.

At present, Bitcoin’s upper boundary of the current channel is approximately $63,800, while the lower boundary is around $62,500. Bitcoin is currently trading near the lower boundary at about $62,649, and the price has been tested multiple times, indicating strong support at this level.

However, if the price breaks below $62,500, it could signal further downside potential, with new support levels needing to be identified below this threshold.

Despite the uncertainty in the market, there are some bullish elements that could give investors hope. For instance, Sony Group is preparing to launch a Bitcoin and crypto exchange in Japan following its acquisition of Amber Group’s local subsidiary, Amber Japan.

As of now, Bitcoin is trading at $62,710, with modest gains of less than 0.1% in the last 24 hours and up over 2.6% on the weekly timeframe. In the short term, Bitcoin needs to reclaim the $63,000 mark to sustain any hope of continuing the recent bullish momentum.

However, there are underlying fundamentals pointing to a bearish sentiment that could derail Bitcoin’s upside trajectory, including the German government sending a large amount of BTC to various crypto exchanges. These moves could put downward pressure on Bitcoin, attempting to exit the recent consolidation.

It’s important to note that the content on this site should not be considered investment advice, and investing in cryptocurrencies is speculative and carries risk.