After a rough start to the weekend, the price of Bitcoin jumped into life after news of a potential deal between the United States and Iran. However, ignoring the possible consequences of news or new geopolitical events, the current price suggests that new traders will be holding the knife when it falls. According to the chart shown on the X platform, the price of Bitcoin seems to be going down to $72,000, at least in the short term.
Trading BTC Price In Uptrend
The famous chartist Aksel Kibar took to social media X to say to share An interesting structure for the price of Bitcoin, which means that the currency can go down to $72,500. This analysis chart shows the formation of an upward trend for BTC on a daily basis over the past few months.
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In its context, the ascending line is a skill evaluation system characterized by two main lines (slopes): the upper line that connects the highest and the lower line that connects the lowest. Within this system, the upper limit acts as resistance while the lower channel supports the price of the commodity (i.e., the price of Bitcoin).
In general, an uptrend indicates a continuation of the bullish trend, with the price of Bitcoin making both highs and lows since February. However, the major crypto currency recently rose to around $82,500 and currently performed retracement which could see the price drop to $72,500.
What you can see is what happens at the lower limit if the price of Bitcoin falls to $72,500 in the next few days. Hopefully, the top cryptocurrency can bounce back and return to higher levels if this level of analysis becomes stronger.
In this case, the resistance area that can be seen would be above $86,000, where there would be a combination of the 365 day moving average and the upper boundary line. The market leader can enjoy a big boost if the price of Bitcoin rises above the resistance level.
However, there is also a chance that The value of BTC can be lost support at $72,500, which could trigger a bearish run. If this goes well, the first cryptocurrency could drop to $60,000, while Kibar thinks that a short-term change could be made.
In any case, Kibar said that he only considers entering a position longer than the 365-day moving average, a key indicator of the beginning of a bull market.
Bitcoin Price Slow
At the time of writing this, the price of BTC stands at about $76,762, showing a jump of 2% in the last 24 hours.
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Image from iStock, chart from TradingView
