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Crypto analyst Kaz has called the local Bitcoin top, stating that the leading 
crypto has little room to the upside. The analyst also explained why BTC is 
now likely to drop below the psychological $60,000 level, which would mark a 
new low for the crypto asset. Bitcoin Top About To Form As Price Eyes Drop 
Below $60,000 In an X post, Kaz said Bitcoin is very close to a local top, 
despite market participants predicting a sustained rally to $90,000. He noted 
that the last local top formed around $97,000, when people were calling for a 
rally to $108,000, but it did not happen. Instead, BTC was rejected from the 
daily Fair Value Gap (FVG) and recorded a massive decline. Related Reading: 
Why The Bitcoin Price Could Hit $68,000 Again Kaz stated that the same price 
action is playing out again, with Bitcoin very close to the local top and a 
daily FVG in place. The analyst predicted that BTC might be rejected from the 
daily FVG and form a local top between $80,000 and $82,000. He also mentioned 
that the final range won’t dump in an instant but would rather be a slow 
bleed. The analyst further pointed to the first week of May as when the 
Bitcoin top could form. Commenting on the current price action, he noted that 
BTC has only swept the highs and has formed equal lows on the lower timeframe, 
which is very likely to get swept. His accompanying chart showed that BTC 
could drop as low as $56,000 on the next move lower. Meanwhile, Kaz revealed 
that he will be adding to his short if BTC sweeps the $80,000 range. BTC No 
Longer In A Bear Flag In an X post, crypto analyst Colin stated that Bitcoin 
remains in the yellow channel, with $81,000 as resistance at the upper 
boundary. The analyst noted that a break above this upper boundary would be 
bullish while a break below the lower boundary at $72,000 would be bearish. He 
added that if BTC continues to gradually climb within the channel, it will 
bump into overhead resistance between $80,000 and $86,000. Related Reading: 
Analyst Reveals Bitcoin Big Picture, Predicts 50% Crash By EOY Colin warned 
that this is where Bitcoin will struggle to sustain its upward momentum and 
will likely find a local top, completing the relief rally. He explained that 
this range is highly likely to be a rejection point for BTC, as there is a 
convergence of overhead resistance levels, the 200-day moving average (MA), 
and the upper range of the channel. His accompanying chart showed that BTC 
could drop to around $66,000 when this relief rally is over. At the time of 
writing, the Bitcoin price is trading at around $75,600, down over 2% in the 
last 24 hours, according to data from CoinMarketCap. Featured image from 
Pixabay, chart from Tradingview.com

Analyst Calls Local Bitcoin Top, Reveals Why The Price Is Headed Below $60,000

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