👀 According to Coingape: $BTC Price Analysis

Bitcoin has shown a bullish trend in the weekly crypto price analysis, consistently finding strong support above the $60,000 mark. This solid foundation sets the stage for an anticipated upward movement toward a $70,000 resistance level. Currently, the live price of Bitcoin (BTC) is $65,666.89 after a slight correction from the $66,700 resistance level.

Today, cryptocurrency’s 24-hour trading volume stands at $23.8 billion. The coin has declined by 0.7% in the past 24 hours, trading between $65,842.40 and $65,179.62. Bitcoin’s live market cap is $1.2 trillion, with open interest at -1.81%, valuing $17.3 billion.

Technical indicators further reinforce the optimistic outlook for the BTC/USD pair, with a majority signaling a buy. The Relative Strength Index (RSI) demonstrates above-average readings currently at the 62.04 level, showing potential buying pressure within the market.

Additionally, the Moving Averages Convergence Divergence (MACD) indicator has experienced a bearish crossover in the past week, suggesting the potential onset of a new bear market phase. The 20-SMA and 50-SMA however show a bullish trend, with the 20-SMA providing sturdy support for Bitcoin’s price.