Crypto analysts are closely monitoring Bitcoin as it consolidates within a tight range, with a major directional move expected soon. Renowned technical analyst Ali Martinez highlighted a symmetrical triangle pattern on Bitcoin’s 4-hour chart, with resistance near $63,000 and support around $61,000. According to Martinez, a decisive hourly close above $63,000 could spark a 10% price expansion as buying momentum accelerates. Conversely, a breakdown below $61,000 could intensify bearish pressure.
Prominent crypto investor Ted Pillows echoed the significance of the $61,000 support, noting that Bitcoin has held this level despite stocks and precious metals hitting new local lows. Pillows sees potential for a short-term rally to $64,000 or even $67,000–$70,000 before a reversal later in the third quarter. However, if Bitcoin loses $61,000, it might find support around $59,000 or $56,500. At the time of writing, Bitcoin was trading at $62,832, recovering 6.7% from its yearly low of $59,100. Many analysts maintain that the bearish sentiment will persist until macroeconomic indicators improve and restore investor confidence.
