Bitcoin sets sail again: Aiming at the US$70,000 mark, the data support of US$70,000 is calculated through the following data and indicators!
As the cryptocurrency market continues to recover, Bitcoin (BTC) is once again in the spotlight of investors. Since hitting all-time highs late last year, Bitcoin has gone through several notable corrections. However, recent market movements and technical indicators show that Bitcoin is expected to challenge the key price level of $70,000 again.
market background
Recently, the market demand for Bitcoin has increased significantly, mainly due to the following factors:
Continued attention from institutional investors: More and more institutional investors are entering the Bitcoin market, driving up the price.
Global economic uncertainty: Uncertainty about inflation and economic policies has further highlighted the safe-haven properties of Bitcoin as digital gold.
Technological progress and application expansion: The technological upgrade of the Bitcoin network and the expansion of application scenarios have enhanced investor confidence.
Technical indicator analysis
1. Moving Average (MA)
Currently, Bitcoin’s 50-day moving average (MA50) and 200-day moving average (MA200) form a “golden cross,” which is generally considered a strong bullish signal. MA50 crosses above MA200, showing the potential for price growth.
2. Relative Strength Index (RSI)
The relative strength index (RSI) is currently around 60, indicating that the market has not yet entered overbought territory. This means that Bitcoin still has room to rise and will not face strong correction pressure due to over-buying in the short term.
3. Bollinger Bands
The width of the Bollinger Bands is narrowing, indicating that Bitcoin prices are about to experience major fluctuations. As the price approaches the upper band, this could be an important sign that a breakout is imminent.
4. Trading volume
The recent trading volume of Bitcoin has remained at a high level, which shows that market participation is high and the power of buyers and sellers is relatively balanced. However, if volume increases significantly above key resistance levels, it will further confirm the uptrend.
Key resistance and support levels
On the technical charts, $70,000 is a strong psychological resistance level. However, if Bitcoin can break through this barrier, the next target may be $80,000. On the contrary, the current support is near $60,000, and if the price falls below this support, it may trigger more selling pressure.
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