🪙 BTC needs to hold this support level before challenging the $73.8k ATH.
🧪 Bitcoin’s price is on the verge of making a new all-time high after skyrocketing beyond the $70k line earlier this wee. Yet, there is still one obstacle remaining as the asset has retraced below that level.
On the daily chart, $BTC has been rallying since its rebound from the $60k support level. It has recently been tested and rejected from the higher boundary of the large descending channel. Currently, the price is being supported by the $69k level.
If the line holds, $BTC can once again rally toward the higher boundary of the channel and potentially higher toward the $75k resistance zone 🔥
Dollar Cost Averaging (DCA) is an investment strategy that involves regularly investing a fixed amount of money into an asset or portfolio over time, regardless of market fluctuations. This strategy aims to reduce the impact of market volatility by spreading out investment purchases over time, potentially lowering the average cost per unit of the asset purchased. DCA is often used in the context of investing in stocks, bonds, mutual funds, exchange-traded funds (ETFs), and cryptocurrencies.
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In conclusion, DCA is a disciplined investment strategy that aims to reduce market volatility and fluctuations, potentially leading to favorable long-term investment outcomes. However, it is essential to consider individual financial goals, risk tolerance, and investment horizon before implementing DCA.