BTC price could rise to new local high above $67K

The Bitcoin price is showing a recovery move after a sharp correction. Analyst CrypNuevo shares two chart analyses indicating that Bitcoin is following a classic pattern: a bottom formation in February, a downward break below the range lows in June (the so-called “low sweep”), followed by a recovery and a possible retest of that low level. Bitcoin is currently trading around $63.400. a daily gain of approximately 1.3%.

Bitcoin is available at OKX and Bybit.

Recovery of 12% after exaggerated decline

According to CrypNuevo, the price decline towards the range lows was severely exaggerated. He expected a recovery of around 15%, but the actual recovery came in at 12%. In his view, that is enough to qualify as a technical recovery towards the exponential moving averages, something that almost always occurs with strongly extended prices.

The charts show two moments when this pattern plays out. In the first chart from 7 June, the price is at $61.980 and the recovery from the exaggerated decline has just begun. In the update from 20 June, the price stands at $63.450. and Bitcoin is in the phase of a possible “low retest”, where the market returns to the previously reached low level before a larger upward move follows.

$64.000 is the key level for a new high

CrypNuevo points to a clear level that Bitcoin must overcome: $64.000, If the price closes above that level next week and manages to stay there, he considers it quite possible that Bitcoin will set a new local high. The current local high is at $67.300. and the charts suggest that a move towards the range highs around $80.000 would then come into view.

A positive sign is that large Bitcoin buyers have recently emerged, which could be an additional signal for recovery, as Blockchain Stories reports. In addition, large Bitcoin investors have reached a new all-time high in their total holdings, strengthening the picture of structural demand. Whether the recovery continues depends entirely, according to CrypNuevo, on what happens with the $64.000 level in the coming week.