Bitcoin Price Prediction: 4H Technicals Suggest Bullish Momentum

In the latest analysis of #Bitcoin (BTC) against the US Dollar (USDT) on the 4-hour chart, several key technical indicators and price levels suggest potential movements that traders should be aware of. With Bitcoin recently closing at $67,917.49, a close look at the moving averages, MACD, and RSI offers insights into the cryptocurrency's near-term trajectory.

The recent action by $BTC shows a series of fluctuations around the $67,560 to $67,990 range. The current price of $67,917.49 is nearing the crucial resistance levels of $68,165.34, $68,232.07, and $68,653.02. Should BTC manage to break above these resistance points, it could signal a bullish continuation, potentially targeting higher price levels in the short term.

On the downside, support levels at $67,694.0, $67,266.78, and $67,215.58 are critical. A break below these supports might indicate a bearish reversal, suggesting that traders should prepare for possible lower price targets.

The 9 EMA has recently surpassed the 20 EMA, indicating a bullish crossover. This crossover often suggests that the upward momentum is gaining strength, which aligns with the recent price action towards resistance levels.

Meanwhile, the MACD line has been above the signal line, with a growing histogram. This trend indicates increasing bullish momentum. However, the histogram has started to narrow, suggesting that the bullish momentum might be slowing down, and traders should watch for potential signs of reversal.

The RSI is hovering around 63.6, slightly below the overbought territory. This indicates that while Bitcoin has been experiencing upward pressure, it is not yet in the overbought zone, allowing room for potential further gains before a correction might occur. #Bitcoin❗️ #Bitcoin_Coneference_2024 #BTC☀️ The full analysis and trade strategy were originally posted on www.ecoinimist.com.