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Cryptocurrency investor and analyst Lark Davis assessed the support levels to watch should Bitcoin decline further. Davis stated that Bitcoin could initially find support around $73,000, and if this area is lost, the level around $67,000 could come into play.
Davis shared his assessment of Bitcoin’s short-term outlook some time due to factors such as developments regarding cryptocurrency regulations in the US and the Federal Reserve’s interest rate hike
The first technical level Davis highlighted was the 200-day exponential moving average (EMA), located at approximately $73,000. The analyst stated that he is closely monitoring whether the Bitcoin price can hold above this level. The 200-day EMA is a frequently used technical indicator by investors to assess long-term price trends.
If Bitcoin loses the $73,000 support zone, Davis’s second target level is approximately $67,000. This level is noted as a potential support zone in the event of a deeper price correction.
However, Davis said he doesn’t believe current market conditions are bad enough for Bitcoin to form a new low. While the analyst’s assessment suggests downward pressure may continue in the short term, it remains uncertain whether the market will experience a deeper decline from current levels.
Investors are expected to monitor Fed policy, developments regarding the Clarity Act, and Bitcoin’s price movements around technical support levels in the upcoming period.
*This is not investment advice.
Source: cryptonews.net