Bitcoin bears are displaying significant strength as they continue to suppress price levels within a predefined range. Long positions were quickly reduced as they appeared poised to hit new monthly highs above $64,000, which would have changed the entire price story. BTC Price short-term rally. Even if long-term trading remains unchanged and bullish, short-term price movement can play a vital role in attracting liquidity.
Therefore, it has become more important for Bitcoin price to reach a specific range, if it intends to recover the lost levels above $65,000. However, the question arises whether the bears will allow the rally to remain within the bullish range or if this is just another trap.
After the latest pullback, the bears are selling with confidence, with a liquidation range between $64,000 and $67,000. Therefore, this range can be extremely crucial as it features a decisive range, which could turn the tables if BTC prices rise in the coming days. One of the best analysts, Alimarks key levels and asserts that the future of the price largely depends on this range.
The analyst used the MVRV extreme deviation pricing range, which was derived from the MVRV ratio based on the degree of deviation. Here, the upper and lower bands are calculated and calculated from these levels, representing +/- 0.5 to 1.0 standard deviations. That said, the pivot level at +0.5 standard deviation is around $64,290, which can be considered a key range to reach. This is why analysts say that
“If Bitcoin can reclaim $64,290 as support, it is likely to reach $76,610. However, if it fails to rise above $64,290, BTC could retest the support at $51,970.
From a broader perspective, the bulls held the range around $56,800 quite strongly and triggered a strong rebound several times. Therefore, if strong selling pressure builds, it could break the support levels, which could help the price reach new lows below $52,000. However, Bitcoin price continues to trade in a descending wedge, which sends bullish signals for the crypto, manifesting the possibility of reaching higher levels in the coming days.