Bitcoins Pain Point BTCs New Price Correction Target Revealed
Bitcoin (BTC) continues to be a topic of interest as it undergoes significant consolidation just above the $60,000 threshold.
As the market eagerly awaits Bitcoin’s next move, Alan Santana, a crypto trading expert, shared his insights on the latest price movements in a TradingView post on June 30. Santana provided potential correction targets in his analysis.
According to Santana’s analysis, the support range for Bitcoin’s upcoming drop, known as the “maximum pain point,” falls between the Fibonacci retracement levels of 0.618 and 0.786. This range is calculated based on the most recent bullish wave, providing a broader perspective on market movements.
The key levels to monitor are the 0.618 Fibonacci retracement level at $42,855 and the 0.786 Fibonacci retracement level at $34,900. Santana emphasized that Bitcoin is unlikely to drop below $30,000, stating that such a scenario would be unprecedented.
Santana suggested that the bottom of the correction could occur anywhere within the specified range, whether it be at the lower end, upper end, or somewhere in the middle.
It is important to note that Bitcoin is currently consolidating but faces the risk of dropping below the $60,000 support zone. Despite this consolidation, Bitcoin’s network is experiencing a significant resurgence of retail investors, as indicated by the increase in new BTC addresses.
Data shared by crypto analyst Ali Martinez on June 29 reveals that the number of new Bitcoin addresses has reached 352,124, the highest level since April.
The resurgence of retail investors may indicate renewed confidence in Bitcoin’s potential, even in the face of recent price corrections.
At the time of writing, Bitcoin is trading at $61,470, with daily gains of approximately 1%. On the weekly chart, Bitcoin is down over 4%.
The one-day technical analysis for Bitcoin shows mixed signals. Oscillators are mostly neutral, with nine neutral, one sell, and one buy indicator. Moving averages suggest a strong sell, with 11 sell, one neutral, and three buy indicators. Overall, the summary recommends selling Bitcoin, with 12 sell, 10 neutral, and four buy indicators.
Meanwhile, as Bitcoin has reclaimed the $61,000 level, it must maintain gains above this mark to avoid further correction.
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