In his most recent video, well-known crypto expert Dan Gambardello warned that Bitcoin needs to break through key resistance points to keep going up. Gambardello talked to his 368,000 YouTube subscribers about the most important technical signs and resistance zones that Bitcoin is currently facing.
The short-term holder cost base at $63,600 was brought up by Gambardello as an important indicator of momentum. Because Bitcoin is so close to this level—only $2,000 away—it is a key indicator of short-term market mood. “Bitcoin is very close to the short-term holder cost basis,” Gambardello said. “This is a key sign for market direction.”
Bitcoin’s Moving Averages Critical
In addition to talking about Bitcoin’s situation in relation to its 20-day moving average, the analyst stressed how important it was for the price to break through the 50-day and 200-day moving averages to show a possible bullish trend. At the moment, Bitcoin is just above the 20-day average, and the close of the daily candle makes the short-term picture less certain.
Gambardello looked at Fibonacci retracement levels and warned that if prices didn’t go above them, they could lead to consolidation or a drop down. He also talked about worries about the economy as a whole, especially fears of a slowdown, which he thinks could have an effect on the crypto market as a whole. “A lot of data about recession is coming in, which points to a possible market downturn,” Gambardello said.
Gambardello talked about the 20-week moving average and how important it has been in the past for telling the difference between bull and bear markets. “If Bitcoin fails to stay above this average, it usually means a bear market is coming,” he said.
Gambardello pointed out that the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are both signs that momentum is currently in favor of possible upward movement. He said, “BTC is in a good place, but it needs to move up now.”
Gambardello warned that a drop below the 20-week moving average could mean that prices will fall quickly to below $50,000. On the other hand, a break above $63,700 could lead to a recovery toward $70,000. “Watch out for $63,700 as the important level.” If they break above, Bitcoin could take a short run to $70,000, but if they fail, it could fall to new lows around $50,000, he said.
