Technical expert Tony Severino has highlighted a bullish pattern that indicates that the BTC price could soon witness another uptrend. On the other hand, the analyst also raised the possibility of Bitcoin dropping below $100,000, with the flagship crypto reaching $95,000.
Bitcoin Weekly Chikou Span Indicates Uptrend, But BTC Price Still At Risk
In an X post, Tony Severino highlighted the Bitcoin weekly Chikou, which he suggested paints a bullish picture for the BTC price. He noted that this pattern held a retest of support at the candlesticks, with little to no overhead resistance left. Meanwhile, the Tenkan-sen and Kijun-sen just crossed bullish.
The technical expert remarked that the Kijun-sen is still trending sideways. However, he added that the BTC price is above both spans, which he claimed is bullish for Bitcoin. Overall, Severino opined that the weekly leans bullish for the flagship crypto. Meanwhile, he noted that this same picture leaves room for a drop to $95,000 this week, meaning anything can still happen.
The BTC price action has been highly volatile over the last few days, thanks to the Israel-Iran tensions. Bitcoin dropped to as low as $103,000 on June 17 amid reports that the US was considering joining Israel to attack Iran. The US potentially joining Israel could further escalate tensions and spread more panic in the market, sending BTC spiraling.
The BTC price is also on edge ahead of the FOMC meeting today. CME FedWatch data shows that there is a 99.9% chance that the Fed will keep interest rates unchanged. However, market participants are looking forward to Fed Chair Jerome Powell’s speech to get a hint of whether there will be rate cuts later in the year. The war in the Middle East is driving oil prices higher, which could lead to inflation rising again and potentially delaying a rate cut.
BTC Needs To Hold Above $104,000
In an X post, crypto analyst Titan of Crypto indicated that the BTC price needs to hold above the major support at $104,149 for a potential bounce back. This came as part of his analysis, in which he revealed that Bitcoin has landed on a key Ichimoku support. The analyst stated that BTC is now testing the Kumo cloud and that its thickness suggests strong support.
Crypto analyst Kevin Capital has warned market participants to remain cautious as long as the BTC price remains below $106,800 on the 3-day and weekly closes. He also alluded to the failed breakouts, indicating a top for Bitcoin, although he didn’t provide a target for how low the flagship crypto could drop.
At the time of writing, the Bitcoin price is trading at around $105,500, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
