Bitcoin price in sideways zone around $62.000

The Bitcoin price is currently in a sideways zone and stands at $62.700 at the time of writing, an increase of 0.6% in the past 24 hours. Analyst TedPillows sees two possible directions: either Bitcoin fully recovers to $65.000. or the price first drops to the zone between $60.500 and $61.000, Since the $62.000 level is holding for now, he considers an upward movement the most likely first step.

Bitcoin is available at OKX and Bybit.

Two scenarios for the coming days

According to TedPillows, the crucial level to watch is $62.000, As long as the Bitcoin price closes above this level, there is a chance that an upward move towards $65.000 could develop. A full return to that level would serve as confirmation that bearish sentiment is decreasing.

The alternative scenario is a sweep of the zone around $60.500 to $61.000 before a recovery takes place. These kinds of liquidity sweeps, where the price briefly dips below a key support level, are common in the market. Earlier this week, the Bitcoin price already approached a critical liquidity zone around $61.200, indicating that this area is being closely watched by analysts.

Broader context around the Bitcoin market

The uncertainty surrounding the Bitcoin price is playing out in a challenging market environment. For instance, Bitcoin and Ethereum ETF flows both show negative figures and the Bitcoin ETF outflow has been negative for six consecutive weeks. This points to caution among institutional investors.

Yet there are also optimistic voices. For example, Blockstream founder Adam Back expects Bitcoin to move towards $500.000 to $1 million by 2028. In the short term, however, it remains to be seen whether Bitcoin can stay above $62.000 and then set a path upwards to $65.000,