Bitcoin breaks through the $68,000 mark, soaring into the sky, a pullback?
Despite the warnings of some technical indicators, the price of Bitcoin has broken through the $68,000 mark in one fell swoop, ending a four-month slump. This feat is particularly dazzling even against the backdrop of a sharp decline in technical indicators such as the RSI.
The current trading activity just above this key price may be hinting that BTC is about to hit a potential high. If this range is confirmed as a resistance area, then a price adjustment may be brewing, which may trigger a large-scale sell-off. However, such a pullback does not seem to be easy to occur until fundamental factors really take over.
This is crucial because although the market seems to be on the verge of a short-term reversal from a technical perspective, these macroeconomic factors may further consolidate the confidence of large investors, making them see the current price as a rare buying opportunity. In other words, large companies may still see this level as a great time to deploy Bitcoin, and this psychological effect will undoubtedly attract more buyers to enter the market, further boosting market sentiment and exacerbating the FOMO phenomenon.
Overall, this round of Bitcoin's up cycle seems to be driven more by psychological factors. Therefore, although there is no shortage of bearish voices in the market, the possibility of a sharp adjustment in the short term does not seem great.
The market is hotly discussing the new height of $73,000
From historical experience, the halving cycle has always been an important catalyst for bull market cycles. The surge in the 30-day demand average often coincides with the reduction in supply during the Bitcoin halving event, triggering a long-term rebound and bringing rich returns to investors.
Interestingly, even if the fundamental factors have not yet taken effect immediately, the general market expectations alone are enough to push prices above key resistance levels. This round of up cycle is a vivid example: under the expectation of a halving-driven rebound, Bitcoin climbed to a high of $68,000 in a very short period of time.
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