Bitcoin Price Prediction: BTC Exceeds $63,000 – Will It Reach $70,000?
On Saturday, #Bitcoin attracted attention by reaching the level of $ 64,348 in a short time. Although it later lost some of its gains, it continues to trade at $63,614.
This week, the leading cryptocurrency is up only a modest 0.90% and is positioned above a critical pivot point at $61,650. With its position above this level, it appears that Bitcoin is ready to move towards the $70,000 target.
With a trading volume of approximately $29.19 billion in the last 24 hours and a market value of almost $1.25 trillion, this activity in the Bitcoin market is affecting the price predictions of investors and analysts. Bitcoin's current performance remains a subject of great interest and speculation in the cryptocurrency market.
Technically, the critical price levels to watch for Bitcoin are: with the pivot point at $61,651, immediate resistances are set at $64,564, $67,084, and $69,356 respectively. In downward movements, $ 59,164 stands out as immediate support; Below this level, the $56,677 and $54,336 supports are followed.
The latest activity on Bitcoin's 4-hour chart indicates that the uptrend is strengthening with a break above the 50-day Exponential Moving Average (EMA) at $61,574.
Additionally, the formation of the 'three white soldiers' candlestick pattern gives a strong signal that the bullish momentum will continue. However, there is a notable resistance near $64,564 and this level could temporarily limit the upside.
A further rise could push Bitcoin towards higher resistance levels at $67,084 or even $70,000. The Relative Strength Index (RSI) indicates strong buying pressure with a value of 63, and the 50 EMA is currently acting as support as the crossed level.
In light of these technical indicators, Bitcoin's market situation remains positive above the $61,651 pivot point. As long as this level remains above, there is the potential to move towards higher resistance levels.
