In a recent analysis, BRN analyst Valentin Fournier suggested that Bitcoin could revisit the $62,500 support level in the near future. Fournier noted that the market appears to be in an accumulation phase and no significant directional movement is expected at this time.
“We believe the market is currently in an accumulation phase and will potentially retest the $62,500 support in the near future,” Fournier said. “Since no major move is expected, we recommend reducing exposure.”
Looking forward, Fournier hinted at a more optimistic medium-term outlook. He suggested that as Bitcoin accumulates liquidity, BTC could surpass the $70,000 resistance level. However, he noted that recent trends such as minimal positive net flows in spot Bitcoin exchange-traded funds reflect investor indecision despite an overall positive sentiment.
Fournier also highlighted a potential obstacle to a clear upward trend: Kamala Harris's improving chances in the US presidential race. “Kamala Harris has greatly increased her chances of winning the US presidential election, triggering fears of a possible anti-cryptocurrency stance and waning enthusiasm that has followed Trump's speech and promises,” Fournier said.
*This is not investment advice.