Hello traders!
BTCUSD is experiencing a period of strong growth, with a new highest price of 72,129 USD, up 3.94% on the day. This shows more certainty on the part of buyers, especially as the price has surpassed the key resistance mark at $71,500, an area that has seen long-term indecision.
Technical analysis supports the buy thesis provided that support at $71,500 continues to hold. Based on the Fibonacci extension, Bitcoin has shown a retracement at the 0.786 level, further supporting expectations of a stronger uptrend if there is further buying from this support level.
For the above reasons, continuing to buy Bitcoin seems to be a reasonable strategy, with the expectation that the price will continue to rise to $73,749 and even $76,444. The confirmation of the uptrend from the successful close above the key resistance level further increases confidence that the bulls are in control of the market.
I personally also agree with this point of view. Based on current analysis and support from technical indicators, Bitcoin appears to have enough strength to continue its bullish journey, as long as key support holds. However, as always, it's important to be ready to adjust strategy based on the latest market developments and manage risk carefully.
BTCUSD is experiencing a period of strong growth, with a new highest price of 72,129 USD, up 3.94% on the day. This shows more certainty on the part of buyers, especially as the price has surpassed the key resistance mark at $71,500, an area that has seen long-term indecision.
Technical analysis supports the buy thesis provided that support at $71,500 continues to hold. Based on the Fibonacci extension, Bitcoin has shown a retracement at the 0.786 level, further supporting expectations of a stronger uptrend if there is further buying from this support level.
For the above reasons, continuing to buy Bitcoin seems to be a reasonable strategy, with the expectation that the price will continue to rise to $73,749 and even $76,444. The confirmation of the uptrend from the successful close above the key resistance level further increases confidence that the bulls are in control of the market.
I personally also agree with this point of view. Based on current analysis and support from technical indicators, Bitcoin appears to have enough strength to continue its bullish journey, as long as key support holds. However, as always, it's important to be ready to adjust strategy based on the latest market developments and manage risk carefully.
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