Lokesh Gupta
11-06-2024
#Bitcoin price has been struggling to break past the $72,000 resistance level for the last four months.
After failing to hold above $68,500, the cryptocurrency has been showing bearish signals below $67,200.
All eyes are on the upcoming release of the US Bureau of Labor Statistics' Consumer Price Index (CPI) data set for Wednesday.
At the same time, the US Federal Reserve will release its FOMC statement, economic projections, and interest rates, sparking market worries.
Bitcoin's price could be forming a double top pattern, suggesting possible bearish momentum continuation.
This pattern suggests a possible pullback to the lower end of Bitcoin's trading range, around $60,000.
According to Coin Gabbar analysis, If Bitcoin stays above $66,000, it might surpass $72,000 and target its previous all-time high near $74,000, potentially reaching Fibonacci extension levels of up to $78,300.
Conversely, a drop below $66,000 might find support around $65,000 or $63,000, potentially leading to further decline towards the $60,000 mark.
KEY LEVELS :
RESISTANCE LEVEL : $67,600-$68,500
SUPPORT LEVEL : $65,800-$64,600
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Owned by:-
DCG Tech FZCO, UAE
Delivery Partner:-
Gabbar MediaTech Pvt Ltd.
Copyright © 2025 Coin Gabbar. All Rights Reserved.
