Bitcoin showed signs of recovery with the reaction from the lower border of the weekly Bollinger Bands. The fact that the price holds in this region indicates that buyers are starting to gain strength again after the weak course in recent weeks. However, it seems likely that fluctuations will continue in the short-term outlook and the upward movement will not proceed uninterruptedly.
The 70 thousand dollar threshold came to the fore in Bollinger Bands
On the weekly chart, the lower Bollinger Band is located at approximately $57,247. Bitcoin’s upward turn from this region indicated that the downward pressure may have been limited for now. The next important area in the technical outlook stands out as the $69,892 level in the middle band.
Mini dictionary: Bollinger Band is a technical indicator that shows the average of the price over a certain period and the volatility limits above and below this average. The middle band mostly represents the 20-period moving average, while the upper and lower bands represent the limits of price volatility.
The analyst, who posts in the market under the name Sky, evaluates that this reaction indicates that the bottom zone may have been formed and the next target may be around $ 70,000. Regaining this level could provide a stronger signal that buyers are increasing their influence on the market.
Sky evaluates that the reaction from the weekly lower Bollinger Band strengthens the possibility of a bottom, and if the momentum is maintained, the $ 70,000 region around the middle band may come to the fore again.
If Bitcoin clears the middle band around $69,892, the weekly upper band at $82,538 will be the next strong resistance. However, for this scenario to materialize, not only technical recovery but also stronger momentum and broader market support will be required.
The $62,700 and $65,600 levels could determine the short-term direction
Another analyst on the short-term outlook, Kaz, thinks Bitcoin could make another move to the upside before a deeper pullback. The first major support the analyst is watching is at $62,700, with the above liquidity target at $65,600.
According to Kaz’s assessment, although Bitcoin approached the $60,000 to $61,000 range, it recovered without fully entering this support area. The analyst notes that buyers stepped in before the expected zone and therefore the price returned to around $64,000 without fully testing the support area.
| Level | Meaning |
|---|---|
| $62,700 | Short term support zone |
| $65,600 | Liquidity and possible rejection zone |
| $60,500 | Possible pullback target on the downside |
The analyst thinks that the $62,700 level coincides with the monthly control point and the fair value gap, thus forming an important support area in the short term. If the price stays above this level, it may be possible to buy highs above $65,600. However, this movement alone is not expected to be considered a completely permanent upward break.
Kaz is eyeing the $65,600 zone as both a liquidity and rejection area; He predicts that the price may first test this level and then see pressure again towards $60,500.
The scenario that stands out in the current chart is that Bitcoin first protects $ 62,700 as support and then moves towards $ 65,600. The strength of the reaction from this region may determine whether the $ 70,000 target will remain alive and whether the sellers will regain control.
