Analyst Suggests Bitcoin May Establish Floor in $60K-$70K Range Amid Selloff Risk
An analyst indicates that Bitcoin may be establishing "meaningful floors" within the $60,000 to $70,000 range, based on its cost-basis cluster. However, a "bearish daily flag" signal suggests that the cryptocurrency remains vulnerable to a further decline. This potential deeper selloff could see Bitcoin's price drop towards the $50,000 mark.
An analyst has identified Bitcoin's cost-basis cluster in the $60,000 to $70,000 range, suggesting that the cryptocurrency could be forming "meaningful floors" at these levels. This observation points to a potential bottoming process for Bitcoin based on current market data.
However, the analysis also highlights a "bearish daily flag" which indicates continued vulnerability for Bitcoin. This technical signal suggests that the digital asset remains exposed to a deeper selloff. Should this bearish sentiment materialize, Bitcoin's price could potentially decline towards the $50,000 threshold.
According to Cointelegraph, this assessment comes from an unnamed analyst reviewing current market indicators.
