Bitcoin (BTC) Price Prediction: BTC Market Looks Shaky, Potential for a Breather Keeps Lingering

The short-term trends look a bit shaky for the cryptocurrency market and the potential for a breather keeps lingering. After sailing in the red zone

Bitcoin price has been stuck in a narrow range for the past few weeks, but a closer look at the technical indicators reveals that a big move could be brewing.

After sailing in the red zone, Bitcoin has now drifted to the green zone, trading above the $61,500 levels.

Recently, Bitcoin’s short-term trends have shown a shaky ride with the potential for a breather.

After a brief visit to the red zone, the coin has now returned to the green zone, trading above the $61,500 levels.

Meanwhile, the U.S. Dollar Index (DXY) has been showing strength, which usually spells trouble for Bitcoin in the short term. However, the daily RSI recently hit oversold levels, which could indicate a brief pause in the downward slide.

Bitcoin’s technical analysis by an analyst named Josh from Crypto World shows that on the 3-day chart, the Relative Strength Index (RSI) has dipped below 50.

According to Josh, historically, whenever this happened, it was a good time to buy Bitcoin, especially if you’re thinking long-term.

Now, zooming out to the broader timeframe, specifically 3 to 4 months, the analyst observed minimal change in key technical indicators like the Bollinger Bands and the Bollinger Bands Width.

This lack of movement suggests that no significant volatile shift has started yet, particularly on the broader timeframe where such moves historically range between 20% to 30% or more over several weeks.

Important levels to watch? Well, $60,000 to $61,000 is where Bitcoin seems to be finding its footing right now.

Drop below $56,000, though, and things could get ugly. On the flip side, if Bitcoin can push past $63,000, $67,000, or even $72,000 to $74,000, the coin might see some serious fireworks again.

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