**Bitcoin: Rally or Pullback?**
Bitcoin's recent price movements show increasing volatility, with signs of a possible bullish breakout. After briefly hitting 62,600, it pulled back and tested resistance at 63,400. This has sparked optimism among traders, as technical indicators suggest a possible rally toward the key 65,000 level. However, there are still fundamental risks that could cause price swings, making the next few trading sessions important.
**Market Overview:**
Bitcoin is holding its upward momentum after bouncing back from 62,600 and retesting resistance at 63,400, showing signs of a bullish trend. However, traders should be cautious, as any major news could cause a reversal.
**Daily Chart (D1) Analysis:**
On the daily chart, Bitcoin continues to show strength. The crossover of the 5-day and 20-day Simple Moving Averages (SMA) at around 58,300 suggests continued upward momentum. Additionally, the 20-day and 200-day SMA crossover near 63,500 supports a potential push to 65,000. But if bearish news hits, it could lead to a drop to around 57,000.
**Strategy (Long Position):**
- **Entry Point:** 59,000
- **Target Profit:** 65,000
- **Stop Loss:** Open
**4-Hour Chart (H4) Analysis:**
The 4-hour chart also points to a bullish trend. The crossover of the 5-day and 20-day SMAs around 54,400 indicates possible gains toward 64,000. Despite some minor pullbacks, this could be a good buying opportunity.
**Strategy (Long Position):**
- **Entry Point:** 58,000
- **Target Profit:** 64,000
- **Stop Loss:** Open
With growing momentum, Bitcoin could break through 65,000, but there are still risks. Do you think it will push higher or pull back? Letâs trade wisely!#Write2Earn! #Bitcoinâ #Write2Earn! #BTCâ #Write2Earn!
