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Bitcoin price has experienced two significant corrections amidst its recent major rally; however, we believe that the upside of the asset has not been fully tested. In other words, based on current trading, there is still upside potential in the market.

Looking at the 4-hour chart, the price is stable above the $64,500 pivot level, as well as the 89 and 100 SMAs. On the same chart, Bitcoin price has been consolidating for a long time, relying on this strong support, laying a major foundation for further bullish momentum.

Currently, the price is consolidating its gains. A bullish break above $69,272 again would signal the market's potential for further upside. Next resistance is near the historic high of $73,827. Higher resistance levels are in the $75,000 to $76,400 range. A successful break above the level would test the key resistance at $84,600.

The first major support is near $67,000, close to the 23.6% Fibonacci retracement level from the low of $61,369 to the high of $68,823. The next major support is at $66,000. Further declines could push the price towards the support zone around $65,000. Falling below the psychological barrier of $60,000 would indicate an end to the current price uptrend.

Trading Recommendations

Trade Direction: Long

Entry Price: 62476

Target Price: 76800

Stop Loss: 58500

Valid Until: 04-01-2024 23:55:00

Resistance: 69272, 70132, 72367

#Bitcoin(BTC) #Bitfinex #bitcoindominance #BTC/USDT: #BTCUSDTUPDATE $BTC