Bitcoin (BTC) Faces Critical Juncture as Weekly Close Approaches, Analyst Highlights Key Levels

Crypto analyst Thescalpingpro has highlighted a critical juncture for Bitcoin (BTC) as it approaches a new weekly close. According to the analyst's recent X post, Bitcoin has broken below a key range after 125 days of consolidation, implying that this could result in a significant change in the Bitcoin Market.

Crypto analyst Thescalpingpro has highlighted a critical juncture for Bitcoin (BTC) as it approaches a new weekly closing price. According to a recent X post by the analyst, Bitcoin has broken below a key range after 125 days of consolidation, which could lead to a significant move in the Bitcoin market.

Thescalpingpro points out that Bitcoin has been consolidating between $33,000 and $66,000 for over four months. This extended period of sideways movement has now culminated in a breakdown, which might indicate the beginning of a new trend.

#Bitcoin – Important weekly close

The weekly close for Bitcoin is very important, as the price has broken down below the range after 125 days of consolidation.

When the price breaks out of such a significant consolidation, it usually leads to a substantial move and continuation in the… https://t.co/yau1CgFOvo

The analyst presents two possible scenarios for Bitcoin’s upcoming price action. In a bullish scenario, if Bitcoin manages to reclaim the $60,000 level by the end of the week, it could invalidate the recent breakdown and potentially push towards $70,000.

On the other hand, a bearish scenario would see Bitcoin closing the week below $60,000, which could lead to a retracement to around $44,233, the previous mid-range level.

The $60,000 threshold appears to be a crucial point of focus. According to Thescalpingpro, while the current market bias is slightly bearish with Bitcoin trading below this level, a strong move to reclaim $60,000 could quickly shift the sentiment and drive prices upwards.

This analysis aligns with other market observations, such as analyst Ali Martinez stating that Bitcoin needs to reclaim and hold above $61,000 to resume its bullish trend.

#Bitcoin currently lacks significant support. The main key demand wall is around $47,000, and for the bull run to resume, $BTC must close and hold above $61,000. pic.twitter.com/9cD2otd4ZK

At the time of writing, Bitcoin is trading at $56,825 after failing to maintain its position above the $57,000 level. The upward weekly closing will determine whether BTC can regain lost ground or face further corrections to the downside.

Related: Bitcoin ETFs See $143.1M Inflow as Bitcoin Price Dips

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