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Bitcoin Price Prediction as BTC Approaches $67,000 Level: New All-Time High This Week?
Last Updated: May 18, 2024 8:09am EDT | 2 minute read
As Bitcoin hovers near the $67,000 mark, trading at $67,243.75 with a recent rise of 1.41%, questions about its next milestone intensify. With a trading volume of $24.62 billion and a dominant market capitalization of $1.32 trillion, the prevailing sentiment is cautiously optimistic, spurring discussions on Bitcoin price forecasts for an imminent new high.
Bitcoin price prediction
Bitcoin price prediction remains bullish, as BTC’s pivot point is set at $66,680, which is critical in determining the direction of Bitcoin’s price movement. The immediate resistance level is observed at $69,296, and breaking above this level could indicate potential future gains.
Further resistance is identified at $71,090 and $72,809, with breaking above these levels potentially signaling strong bullish momentum and potentially setting new highs for the cryptocurrency.
Conversely, immediate support lies at $64,662, while a breakdown below this level could lead to tests of further supports at $63,299 and $61,517.
Bitcoin Price PredictionA drop beyond these points could increase selling pressure, pushing the price lower. The Relative Strength Index (RSI) is at 68, close to overbought territory, suggesting possible impending resistance or pullback as traders may start taking profits.
Furthermore, the 50-day exponential moving average (EMA) stands at $64,235 and serves as a key support level, which could be crucial if the price starts to retreat, providing a potential rebound point for Bitcoin.
Conclusion: BitcoinThe current market position of shows a bullish outlook above the $66,680 pivot point. However, traders should carefully monitor the $64,662 support level, as a breakout below this level could turn the trend bearish.
Conversely, holding above the pivot point could see Bitcoin test upper resistance levels, particularly if it can sustain a break above $69,296.
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Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.