- Bitcoin price is attempting a fresh increase from the $60,000 zone against the US Dollar.
The price is now trading above $65,000 and the 55 simple moving average (4 hours).
There is a key rising channel forming with resistance near $67,800 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
The pair could start a fresh increase if it clears the $67,800 resistance zone.
The cost of Bitcoin is climbing back up from $60,000 versus the U.S. dollar. If the bulls continue to be in control above the $64,000 mark, we could see another price surge for Bitcoin.
Bitcoin Price Analysis
The price of Bitcoin took a downturn following its inability to surpass the $73,000 mark as resistance. As a result, Bitcoin dropped below key supports at $65,500 and $64,000, signaling a brief bearish phase.
An attempt was made to drive the price below $61,200, reaching a low at around $59,648. Subsequently, the bulls managed to lift the price above $64,000. Now, the cost is above the halfway mark of the downward trend from the peak of $72,777 to the trough of $59,648.
The price of Bitcoin currently hovering above $65,000 and the 4-hour Simple Moving Average (SMA) at around $65,000. The next resistance point for Bitcoin lies near $67,800 or the 61.8% Fibonacci retracement mark of the price drop from its peak at $72,777 to its low at $59,648.
An additional upward trendline is emerging on the 4-hour BTC/USD chart around the $67,800 mark, with potential resistance at this point. The significant resistance level could be found near $69,500. Should the price surpass the $69,500 barrier, it may lead to further advancement towards $72,000.
If the price continues to rise, it could reach the $75,000 mark. However, if there’s no further increase in price, we may see a downward trend starting around $66,000.
$65,000 is the initial significant support. Near $64,000 lies the next crucial resistance, dipping below which might lead to a faster drop in price. If this happens, the price may slide down towards $62,500.
According to the graph, Bitcoin’s value currently hovers around $65,000, surpassing its 4-hour simple moving average. Should it manage to break through the $67,800 resistance level, there is a strong possibility for further price growth.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $66,000 and $64,000.
Key Resistance Levels – $67,800, $69,500, and $72,000.
Read More
- CKB PREDICTION. CKB cryptocurrency
- PBX PREDICTION. PBX cryptocurrency
- EUR INR PREDICTION
- BSW PREDICTION. BSW cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- GEAR PREDICTION. GEAR cryptocurrency
- ICP PREDICTION. ICP cryptocurrency
- Exploring the Hilarious World of Helldivers’ Ricochet Gameplay
- TANK PREDICTION. TANK cryptocurrency
- USD DKK PREDICTION
2024-04-24 06:29