Bitcoin, after its impressive surge towards the $68,000 mark, unexpectedly underwent a downward correction, causing concern among investors and bringing market dynamics back into focus. However, BTC appears to be on the path to recovery once again. So, what can investors anticipate at this stage?
Bitcoin Price at $66,700
After maintaining stability above the $67,000 level, the price of Bitcoin surpassed the resistance levels at $67,200 and $67,500, reaching a new weekly high of $67,984. Unfortunately, it was unable to sustain this level and initiated a downward correction, capturing the attention of market participants. 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 coincided with the $65,900 support on the hourly chart. This break raised concerns among investors and caused the price to 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 resistance at $68,000. If the bulls can maintain this momentum, the price of Bitcoin could potentially rise towards the resistance area at $68,800 and even breach the $70,000 barrier to achieve 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 broken, BTC could potentially retreat to the $65,500 level. However, the most crucial support to monitor is around $64,500. In the event of increased selling pressure in the market, one should not overlook the possibility of Bitcoin heading towards the support area at $63,150.
Technical indicators also support the possibility of a downside movement. The four-hour MACD (Moving Average Convergence Divergence) indicator, although still in the bullish zone, is losing momentum. This suggests that buyers are weakening and sellers may step in. Similarly, the four-hour RSI (Relative Strength Index) is below the 50 level. This indicates that the market is currently controlled by sellers rather than 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 that cryptocurrencies are highly volatile and carry inherent risks. It is recommended to conduct thorough research before making any investment decisions.
