Analyst: Bitcoin on local soil at $63,000

Over the past two weeks we have seen the Bitcoin price slowly fall. Analysts now believe that the digital currency has found its bottom in the zone between $63,000 and $65,000. “Bitcoin has probably hit bottom in this area,” said Dutch Michaël van de Poppe in a June 20 publication on Twitter.

Why is this the bottom?

Van de Poppe appears to base his analysis on Bitcoin’s local bottom on the cautious rebound it experienced from $64,950 to $66,455 on June 20.

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However, we have now dropped back to the level of 64,000 dollars. That does not alter the fact that there may still be a bottom, but Bitcoin continues to look a bit weak at the moment. At the same time, we saw the stock markets in America close in the red yesterday.

If the Bitcoin price manages to maintain itself at this level, then according to Van de Poppe it is a matter of time before there is upward momentum again.

“The reversal is imminent,” says Van de Poppe.

Jelle joins Van de Poppe

His fellow analyst Jelle joins Van de Poppe. He sees that the bulls are currently fighting to get a higher low and a higher high on the cards locally.

“Bitcoin’s local market structure is slowly starting to turn bullish again. My focus is on reclaiming the $66,000 as a confirmation of strength,” said Jelle.

For the time being, there is no strength for Bitcoin, as the price has fallen by 3.12% over the past 24 hours to the current level of $ 63,600. Over the past hour, a decline of 1.03% is on the boards.

This appears to be the start of Bitcoin’s next slide. Where will this end for the digital currency? Could we soon end up below $60,000 again?

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