Two Critical Levels to Watch in BTC Following the Weekend
Bitcoin faced a significant drop over the weekend due to escalating tensions, but the bullish trend may still have some steam left. Here's a breakdown of critical levels to watch:
Daily Chart Analysis:
- Bitcoin has been consolidating between $60K and $70K.
- After testing the $60K support, BTC is now aiming for the $68K resistance.
- A successful break above $68K could signal a new all-time high.
4-Hour Chart Analysis:
- The price swiftly recovered from the $60K support.
- The Relative Strength Index (RSI) is approaching the bullish territory.
- Reclaiming $68K may lead to a rally towards $75K and beyond.
On-Chain Analysis:
- Panic selling has caused fear, but many investors are still in profit.
- Recent buyers are holding their coins at a loss, potentially contributing to downward pressure.
- However, most investors are still profitable, suggesting that the supply may not be significant.
In summary, while recent events have caused turbulence, Bitcoin's resilience and the profit position of most investors suggest that the bullish trend may not be over yet. 📉📈$BTC #bitcoinhalving #BullorBear