Bitcoin (BTC) bulls cheered as the price smashed through the $68,700 resistance level, marking a significant milestone. However, the climb has stalled as the coin encounters a new hurdle - the $69,700 to $70,500 resistance zone.
A decisive break above $70,500 could signal further bullish momentum.
This area has historically proven to be a profit-taking zone for experienced traders. The logic is that after a strong upswing, some investors lock in gains, leading to a temporary price dip.
Trade closed: target reached
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$69,700 resistance rejection, down to support $68,600 at 4h TF
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My previous prediction seems to be losing validity, as Bitcoin's price movement appears to be trending towards the original resistance level of $70,500 that I had anticipated earlier. It seems that the earlier rejection of my prediction was short-lived, and the price is now moving in the direction I had originally anticipated.
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Amazing Run! As I said earlier, Bitcoin crossing $68,600 was a good sign, and it crossed my anticipated price of $70,200, if this rally continues, my next price target is $72,700, If it crosses/closes above $71,400.
Hoping (begin optimistic) this week for Bitcoin to go great by smashing previous all-time highs.
Trade closed: target reached
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What a wonderful ride! Bitcoin never disappoints its followers!
Finally, the price that I anticipated from the previous week was $72,700 has touched, never expected it would be reached before the week started.
Aiming here, it will go beyond from here to be reaching 80k - 84k or it will pull back down to 60k - 50k, not exactly sure about the number at the moment.
Happy trading & Investing.
Caution - DYOR before investing!
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Back to $66,000?
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A breakdown of the Bitcoin price after reaching $73,000 and falling back to the support level of what they mean:
- 69,555: This level was recently tested and rejected, indicating sellers may be active in that area. - 68,600: This is considered a key support level. If the price falls below here, it could signal a pullback to $67,500. - 67,500: This is the next support level down. If 68,600 doesn't hold, this could be the next area where buyers step in. - 66,200: This is considered a critical support level. If the price falls below here, it could indicate a steeper drop towards $59,000. - 59,000: This is a weekly support level, meaning it has historically held support on weekly charts.
It's important to remember that these are just potential support levels and not guarantees. The actual price of Bitcoin can be influenced by many factors, and these levels could change.
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It seems like the bullish trend might be losing steam.
If the weekly closing drops below $66,000, we could see a pullback towards the $60,000 to $48,000 range. This aligns with a potential shift in market sentiment.
It's important to keep a close eye on these levels to gauge the market's next move.
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In the Monthly timeframe, it appears that Bitcoin will take a dip from here to $47,700