Bitcoin, after its impressive climb towards the $68,000 mark, unexpectedly experienced a downward correction, causing concern among investors and redirecting attention to market dynamics. However, BTC appears to be bouncing back. So, what can investors anticipate at this stage?
Bitcoin Price at $66,700
The price of Bitcoin, which had remained stable above the $67,000 level, surpassed resistance at $67,200 and $67,500, reaching a new weekly high of $67,984. However, it was unable to sustain this level and soon initiated a downward correction, capturing investors’ attention. For the latest financial and business news, visit COINTURK FINANCE.
According to technical analyses, the BTC/USD pair broke below the ascending trend line, which intersected with the $65,900 support on the hourly chart. This break raised concerns among investors, leading to a drop below the $66,500 support area. Currently, Bitcoin is trading below $67,000.
Movement Towards $68,000 Can Be Expected
The first significant resistance level for Bitcoin is identified at $66,950. If Bitcoin manages to surpass $67,500, it is likely to regain upward momentum and test the $68,000 resistance.
If the bulls can maintain this momentum, the price of Bitcoin could rise towards the $68,800 resistance area and potentially break through the $70,000 barrier, resulting in further gains.
Critical Support Levels for Bitcoin
Bitcoin has immediate support at the $66,000 level, which is also in close proximity to the trend line. If this support is breached, BTC could retreat to the $65,500 level. However, the main support to keep an eye on is around $64,500. In the event of increased selling pressure in the market, it is important not to overlook the possibility of Bitcoin heading towards the $63,150 support area.
Technical indicators also support the possibility of downside movement. The four-hour MACD (Moving Average Convergence Divergence) indicator, although still in the bullish zone, is losing momentum, indicating weakening buying pressure and the potential for sellers to enter the market. Similarly, the four-hour RSI (Relative Strength Index) is below the 50 level, suggesting that sellers have control over the market rather than it being in a neutral state.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
