Bitcoin price is currently trading near the $70,000 level after a downward correction from the $72,000 area. Despite this correction, the overall price trend remains bullish with strong support at the $68,800 and $69,200 levels. Technical indicators suggest that Bitcoin could see another increase in the near term, provided it maintains its support above $68,800.
If you are thinking about getting into the Bitcoin market, this could be a good time to buy, especially if the price confirms above the support level at $69,200 and starts to rise again towards $71,200. Targeting the next resistance levels at $71,850 and $72,500 could be a good strategy for short to medium term gains.
If you already own Bitcoin, you can consider selling partially or completely when the price approaches the key resistance levels at $71,200 and $71,850. These levels may form strong resistance points, and if the price fails to break them clearly, we may witness another correction. Preserving Bitcoin for the future is the ideal option, especially since we may witness additional rises towards $73,200 and $74,500 and continue to rise to new and surprising areas.
The full sale of Bitcoin or any other asset depends on your investment strategy and current market conditions. It is usually considered by professional investors that holding part of the investment can balance risks and rewards, as you can benefit from any future rises in the price.
If Bitcoin fails to rise above the resistance area at $71,200, it may continue to move lower. Immediate support on the downside is near the $69,200 level and trend line. If the price fails to maintain the support at $68,800, this could indicate a further decline towards the support area at $67,300. In this case, it is better to wait for the price to stabilize before making any new buying or selling decisions.
