Bitcoin (BTC) Enters Rebound Phase, Analysts Divided on the Immediate Future

Bitcoin appears to be entering a rebound phase, given its recent increase that brought the asset's price close to the $66,000 mark.

Bitcoin price appears to be setting up for a rebound, judging by its recent surge that brought the asset closer to the $66,000 mark. Notably, after briefly touching a 24-hour high of $64,893 earlier today, Bitcoin price has retraced slightly and is currently trading at $63,786, reflecting a minor 0.2% decline over the past 24 hours.

However, despite this slight pullback, analysts seem to be divided on the immediate future of Bitcoin price, with some highlighting key technical levels that could determine the next significant move.

Further Reading: Crypto Analyst Sounds Alarm: Here’s Why It’s Your ‘Last Chance To Buy Bitcoin’

Bitcoin Price Poised For rebound

Renowned crypto analyst, Emperor on X, shared his analysis of Bitcoin price earlier today. In a detailed post, Emperor noted that Bitcoin price had successfully bounced from a critical support zone of around $58,000, which he had earlier identified as a potential buy zone.

According to Emperor, Bitcoin price has now reclaimed the 200-day Exponential Moving Average (EMA) on the 4-hour chart, which he views as a positive development.

He highlighted that Bitcoin price’s recent price action, including front-running the quarterly open and sweeping weekend range lows, is characteristic of a strong uptrend.

Emperor suggested that while Bitcoin price may not see a continuous upward push this week, it remains bullish, with the next target being the monthly open. The analyst concluded, noting

I will be taking some profits on swing positions. Ultimate direction is up but now is the time to take profit on Bitcoin gradually while you bid alts.

Bitcoin Price Chart

Is Another Noticeable Correction Going To Happen?

While Emperor’s analysis points to a bullish outlook for Bitcoin price, other analysts are more cautious. Macro Johanning, another well-known figure in the crypto space, provided an update on Bitcoin price’s recent price action, noting that Bitcoin price had recently swept the high at $65,100.

Johanning suggested that this move to the upside might have temporarily exhausted Bitcoin’s bullish momentum, potentially leading to a dip to around $61,000 before further upward movement. He highlighted the importance of upcoming economic data releases in Bitcoin’s short-term direction.

Johanning pointed to several key events scheduled for the week, including the release of US Consumer Confidence data on Tuesday, Nvidia’s earnings report on Wednesday, Q2 2024 GDP data, and July Pending Home Sales on Thursday, followed by July PCE Inflation data on Friday.

Related Reading: Bitcoin Price Faces Challenge at $65K: Can It Break Through?

These events will likely influence market sentiment and add volatility to Bitcoin’s price action. According to Johanning, Bitcoin’s next significant resistance level is around $67,000, which could become a target once the consolidation phase resolves.