Cryptocurrency flagship Bitcoin has started to show positive signs above the recent $68,500 resistance level. However, investors are curious: Is it time to buy BTC at these levels now? Let’s take a look at the latest developments and price movements in the market.
Bitcoin Must Surpass $70,000 for Upward Trend
Bitcoin needs to break above the $70,000 resistance level to gain upward momentum in the near term. Currently, a steady increase above the $69,500 and $70,000 levels is targeted. The price trading above the $68,000 level and the 100-hour simple moving average being above this level are considered positive signs.
Looking at the hourly chart of the BTC/USD pair, a significant upward trend line is forming around $68,800. This indicates that the price has found solid support to maintain the uptrend. Therefore, if Bitcoin remains above the $68,000 support area, a new increase is anticipated.
Bitcoin Price Maintains Its Support
Bitcoin price started a strong rise above the $67,500 resistance area and gained positive momentum. BTC cleared the $68,500 and $68,800 resistance levels, moving into a positive zone.
With the price even surpassing the $70,000 resistance area, the highest level reached around $70,300. However, the price is currently correcting gains and has retreated below the $70,000 level. Bitcoin is now trading above the $68,000 level and also above the 100-hour simple moving average. The immediate resistance is near the $69,800 level, while the first major resistance is set at $70,000.
In the upcoming period, if a clear move above the $70,300 resistance area is observed, the price is expected to gain a new upward momentum. In this case, Bitcoin’s movement towards $71,200 can be expected. Looking further ahead, Bitcoin’s potential journey towards the $73,500 resistance area in the near term should not be overlooked.
Downward Movement Could Bring BTC to This Level!
If Bitcoin fails to break above the $70,000 resistance area, concerns about a potential downward correction are increasing. Bitcoin price recently encountered instant support near the $69,000 level or the trend line.
However, the point of interest is that the upward move to $70,300 corresponds to the 50% Fibonacci retracement level between $67,800 and $65,116. This indicates that critical support levels exist for BTC’s price.
If there is a close below $66,500, a downward trend towards the $65,350 level is anticipated. More losses could indicate a near-term move towards the $62,500 support area for Bitcoin.
#BullorBear #BTCHalvingApril2024 #BTCDumpingByUS #CryptoNews🚀🔥 #Write2Earrn
