Popular crypto strategists have warned that Bitcoin (BTC) is trading at a critical level, indicating a higher risk of deeper corrections.
Pseudonymous trader Altcoin Sherpa tells 242,800 followers of social media platform X that he must hold $76,600 in support of Bitcoin remaining bullish.
Other key levels that analysts often see are $77,903 and $78,197.
“Perform or die BTC levels.”
Source: AltCoin Sherpa/X
Analysts warn that if Bitcoin falls below $76,000 on the three-day chart, the flagship cryptography is likely to revisit the medium-term $60,000 range.
“We will close that wick with HTF (High Timeframe) at $76,000, and if we don't rebound soon we'll go mid-$60,000.
Source: AltCoin Sherpa/X
According to analysts, it could be decided now whether Bitcoin can gather in the $60,000 range without retesting.
“We hope that the current region will be retained, but the overall market structure is ugly. The BTC table is still at $60,000 high, but it will be very important for the next few days.”
Source: AltCoin Sherpa/X
He also says that Bitcoin could be trapped in a low volume trading gap in the short term.
“The volume profile shows a lack of activity in the region between $71,000 and $82,000. You wouldn't be surprised to see a price chop for a while to fill this. I had this theory a while ago.”
Source: AltCoin Sherpa/X
Bitcoin has traded at $82,400 at the time of writing, an increase of 7.6% over the past 24 hours.
Generated Image: Midjourney
