Amid the recent decline in the price of Bitcoin and the overall cryptocurrency market, popular cryptocurrency analyst and enthusiast Titan of Crypto has highlighted the $61,500 price level as a crucial threshold to watch out for for the largest cryptocurrency.
The Titan of Crypto analysis examines the aforementioned level as a crucial point for Bitcoin that could determine the coin’s next price trajectory.
$61,500, a level to watch out for for Bitcoin
Today, May 14, BTC witnessed a sharp decline to almost $61,500, showing that there is little momentum for a price recovery. While many would see this as a worrying development, Titan of Crypto sees it as a notable development. He sees this level as important and one to watch out for for Bitcoin.
The crypto expert further warns of impending volatility on the market Federal Reserve Chairman Jerome Powellspeech later today. Therefore, Titan of Crypto has urged the community to remember that it is better to wait to make decisions until after BTC’s daily candle has closed and until the next one confirms the previous one.
The message read:
Bitcoin $61,500 is the level to watch. Expect volatility in the markets around today’s Powell speech. In any case, remember that it is wiser to wait until the BTC daily candle closes and the confirmation with the next one before coming to any conclusion.
While the expert expects volatility for Bitcoin, he is confident that the bull run of crypto assets is far from over, indicating that upward movement is still possible.
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According to Crypto’s Titan, Bitcoin’s Risk-Adjusted Return Oscillator (RAR) indicator recently entered overbought territory. However, the analyst claims that this is not a cause for concern as Bitcoin took more than eight months to recover Highlight tracking development based on previous bull cycles.
Looking at Bitcoin’s price action from the daily time frame, the expert confirms that the digital asset is “looking good.” As a result, BTC follows the bullish target to unprecedented highs, specifically around $112,185. “This game is a zero-sum game where impatient people give their money to the patient,” he added.
Possible retracement to $62,000
While Crypto’s Titan is expecting a rally, Ali Martinez, another crypto, has predicted an early price revision. The expert has highlighted the possibility that BTC could fall to $62,000 in the short term.
According to the analyst, the 200 Exponential Moving Average (EMA) on the 4-hour chart appears to be rejecting Bitcoin, while the TD Sequential indicator suggests a sell signal. Martinez expects the development to be confirmed BTC drop to $62,000.
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However, for BTC to witness an upward move, it needs to hold a four-hour candlestick close to the $64,000 threshold. So with the coin trading below the $62,000 level, Martinez’s prediction appears to have already manifested.
At the time of writing, the coin was trading at $61,512, indicating a gain of around 1.98% over the past day. Trading volume increased by 9.67%, while the market capitalization fell by 2.65% over the past 24 hours.
Featured image from iStock, chart from Tradingview.com