In a recent analysis, BRN analyst Valentin Fournier suggested that Bitcoin might revisit the $62,500 support level in the near future. Fournier indicated that the market appears to be in an accumulation phase and that no significant directional movement is expected at this time.

Fournier stated, “We believe the market is currently in an accumulation phase, and the $62,500 support level could potentially be retested in the near future. Since no major movement is anticipated, we recommend reducing exposure.”

Fournier hinted at a more optimistic medium-term outlook. As Bitcoin accumulates liquidity, he suggested that BTC could surpass the $70,000 resistance level. However, he also noted that recent trends, such as minimal positive net flows in spot Bitcoin exchange-traded funds, reflect investor indecision despite overall positive sentiment.

Fournier also highlighted a potential obstacle to a clear bullish trend: Kamala Harris’s increasing chances in the US presidential race. He remarked, “Kamala Harris significantly increasing her chances of winning the US presidential election has sparked fears of a potential anti-cryptocurrency stance and diminished the enthusiasm following Trump’s speeches and promises.”

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