Analyst outlines scenario for Bitcoin price drop to $61,000

An analyst from Nanny Ventures Maksym Lenets discusses the current market situation.

Last week, Bitcoin traded in a range of $60,000 to $57,000. The weekly candle closed slightly above $60,000 on strong volume, signaling bullish strength and plans for the next trading week.

It was interesting to observe how over the weekend and on Monday the price moved out of the range, attempting to break and hold above $61,000, but continually retraced to the hourly moving averages as support. It wasn’t until Tuesday, with large volumes, that the price set a new ATH and held above $62,500.

On April 13, the daily candle close indicated a likely continuation of the rally to a new ATH, which occurred. Bitcoin reached a new high at $64,854, after which the price retraced to the support zone $61,300-$61,800. It was quickly bought up and pushed back above $62,500.

All this comes amid the ongoing decline of Bitcoin’s dominance index. Today it fell to 53.57%, while old-guard altcoins — XRP, LTC, XLM and ZEC — are showing gains.