#Bitcoin is up over 8% in the past week, indicating that the lows continue to attract buyers. Usually in a range, investors buy near support and sell near resistance. This suggests that the price could reach the top of the $73,777 range, but it might be difficult to overcome this hurdle. Analysts are divided in their views on Bitcoin's next directional move.
What to Expect for the Crypto Market?
While some believe that the correction is over and Bitcoin will rise to a new all-time high, others expect Bitcoin to retest the $60,000 support and move lower. It is difficult to predict with certainty the direction of the breakout from a given range. Therefore, it may be prudent to wait for the price to start a new trend before creating large trading positions.
As Bitcoin strengthens, investors may turn to altcoin projects for short-term trading opportunities. Although a full-fledged altcoin season has not yet arrived, certain altcoin projects are likely to offer trading opportunities.
Bitcoin Chart Analysis
Bitcoin is facing resistance near $68,000, but it is a positive sign that the bulls are not giving in to the bears. This development shows that the bulls are holding their positions while waiting for a move higher.
The 20-day exponential moving average has started to rise and the relative strength index (RSI) is in the positive territory, indicating that the path of least resistance is to the upside. If the $68,000 level is breached, BTC/USDT could retest the formidable overhead resistance at $73,777. If the bears want to prevent the rise, they will have to quickly pull the price below the moving averages. If they do so, the pair could drop to $59,600 and then to the May 1 intraday low of $56,552.
On the 4-hour chart, both moving averages are bullish and the RSI is in the positive zone, indicating that the bulls are in control. The critical support to watch on the downside is the EMA 20 average. If the price recovers from this level, this will increase the chances of a rally above $68,000. Conversely, if the price falls below the EMA 20 average, it will signal that the bullish momentum is weakening. The pair could slide towards the 50 simple moving average and then the support near $59,600.
