Bitcoin has recently entered a short-term upward trend, but it is approaching key resistance levels. Without surpassing these resistance zones, reaching new highs will be challenging. Analysts suggest that for Bitcoin to target $68,000 in its next big rally, certain technical conditions must be met.
Is There a Change in the Trend?
Bitcoinâs price chart has been forming higher lows over the past few weeks, which is a promising sign for a possible trend reversal. However, it is still too early to declare that Bitcoin has fully entered a bull market. For a long-term uptrend, Bitcoin must break through the $68,000 resistance. So far, the recent price increases are being viewed as short-term fluctuations.
Will Bitcoin Surpass $70,000 by the Weekend or Decline?
When examining the price action more closely, technical indicators like the RSI suggest that buying pressure is increasing. If this upward momentum continues, it could present a significant opportunity for Bitcoin investors. However, if the price struggles at these levels, a correction could follow.
Critical Support and Resistance Levels for Bitcoin
Bitcoin has found solid support in the $60,000-$61,000 range, turning previous resistance into new support zones. Currently, the $64,000 level is acting as a crucial short-term resistance. If Bitcoin can break past this point, it could move toward the $67,000-$68,000 range.
On the other hand, failure to break this resistance could lead to a pullback, with support likely around $63,000. Investors should closely monitor these critical resistance and support points.
RSI and Potential Pause for Bitcoin
Bitcoinâs RSI on the four-hour chart has entered the overbought territory, suggesting that the price may be approaching a short-term peak. Historically, when RSI reaches overbought levels, the market often sees a brief correction or consolidation period. This could result in a temporary pause before the next upward surge.
This pause would allow the market to recover, and as the RSI resets, it could lay the groundwork for further upward movement in Bitcoinâs price. During this time, itâs essential for investors to proceed with caution and look for potential opportunities in the market.
Can Bitcoin Break $68,000?
Bitcoin has entered a strong short-term uptrend, but it must surpass some critical resistance levels. A close above $64,000 would increase the chances of Bitcoin reaching $68,000. However, with the RSI in overbought territory, a short pause might be expected. Investors should closely watch these levels and act with strategic timing.
