BTC retraces back to $65k, now at $64k: Market Analysis

IconCryptoNewsTerminal Staff17 Jul, 2024

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BTC retraces back to $65k, now at $64k: Market Analysis

Bitcoin has retraced back to the $65,000 mark after a recent surge in price. According to Coinnis market monitoring, BTC is currently being traded at $64,983.91 based on the Binance USDT market. This represents a slight dip from its recent high of $67,000. Despite this retracement, BTC remains well above its previous support level of $60,000. This suggests that the bulls are still in control of the market and that the recent pullback is likely to be temporary. In the short term, we could see BTC continue to consolidate around the $65,000 mark. However, if the bulls can break through this resistance level, we could see a further rally towards $70,000. On the downside, if the bears can push BTC below $60,000, we could see a deeper correction towards $55,000. However, this scenario seems unlikely at this point in time. Overall, the technical outlook for BTC remains bullish. The bulls are still in control of the market and the recent retracement is likely to be temporary. We could see BTC continue to rally towards $70,000 in the coming weeks.

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