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Bitcoin Forecast: Price of BTC Soars to $64,375, With $70,000 in Sight Due to Increased Buying Activity
With a recent price increase to $64,375, Bitcoin remained a topic of interest on Saturday morning. The leading digital currency has demonstrated durability this week, rising by a small 0.22 percent. Bitcoin appears to be well-positioned to continue its ascent towards $70,000, having recently surpassed a pivot point of $61,650.
With a market worth of about $1.25 trillion and a trading volume of approximately $32.77 billion in 24 hours, continuous happenings impact price projections for Bitcoin.
Bitcoin Value Forecast
The pivot point, at $61,651, is one of the most important technical levels to keep an eye on when it comes to Bitcoin's price. After this point, $67,084 and $69,356 will serve as additional degrees of resistance, with $64,564 serving as the immediate barrier.
The $59,164 level provides short-term support for the downside. If Bitcoin continues to decline, $56,677 and $54,336 will serve as further support levels to keep an eye on.
Breaking above the 50-day Exponential Moving Average (EMA) at $61,574, which was previously resistance, is indicative of a positive trend in Bitcoin's recent 4-hour activity.
The candlestick shape of a "three white soldiers" indicates a high probability of ongoing bullish momentum. But, a downward channel can momentarily limit upward progress at around $63,200, which is a recognized obstacle.
If Bitcoin is able to surpass this level, it might quickly go towards the next level of resistance around $64,564.
After breaking above a double-top pattern near $67,000, Bitcoin might be pushed to higher resistance levels of $67,084 or perhaps $70,000 with another bullish breakout. With the RSI at 63, which indicates a bullish attitude in the market, this optimistic picture is supported.
