Bitcoin Price Clinging to $62K Value Area

Price of Bitcoin/USD has been ranging between $62k to $74k for the past two months, and has formed a strong “value area” where we’ve seen lots of volume in between those two price levels.

These “value areas” tend to capture price between them – until they don’t. Today’s price action was important because we saw a strong break below the $62k level for a few hours, but the price climbed back into the value area again, as of this writing.

What this also means is if the price LOSES support at $62k, it will very quickly drop to about $53k, literally within minutes. There is no support between $53k and $62k, and this is because of how fast the price rallied through that area.

There is a very strong possibility of a bounce at the $52-$53k area, so consider placing some resting limit orders in that area as a potential “trade,” or consider DCA’ing larger than normal in that range.

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