Bitcoin
Bitcoin Price Remains Firmly Entrenched in Bull Market; Targets $74K Levels
Bitcoin continues to show strong uptrends on the daily timeframe, but analysts are flagging short-term warning signs that deserve attention. According to analyst Crypto World, The largest cryptocurrency remains firmly entrenched in a bull market, maintaining its larger uptrend. The supertrend indicator, which is currently green, supports this ongoing positive price structure. Despite occasional pullbacks, the uptrend has not been invalidated.
He said that Bitcoin’s daily chart also reveals continued bullish momentum. The US Dollar Index (DXY) is trending lower, which has historically been a positive indicator for Bitcoin. While short-term warning signs and resistance levels may cause temporary fluctuations, the overall outlook for Bitcoin is positive.
Support and resistance levels
Bitcoin is currently facing resistance between $67,000 and $68,000, with the Volume Profile indicator suggesting that resistance extends to approximately $68,200-$68,300. A confirmed break above $68,000, with daily candle closes and a flip to new support, would shift focus to the next major resistance near the all-time high of $72,000-$74,000. Clearing this level could propel Bitcoin to new all-time highs.
There is a potential bearish divergence forming, with higher highs in the price and lower highs in the RSI. This pattern, if confirmed, suggests a short-term cooling period, possibly resulting in sideways movement or a slight pullback.
It is normal for Bitcoin to face resistance and experience minor pullbacks during an uptrend. Over the past few days, Bitcoin has been struggling around the $67,000 to $68,000 range. If a rejection occurs, expect strong support around $63,000 to $64,000.
Bitcoin is also competing with Fibonacci resistance around $67,500. Minor rejections in this range are common, but the overall uptrend remains intact. A clean break above $67,500-$68,000 would target the next resistance level at approximately $72,000.
See also: What’s next for the top 5 cryptocurrencies as bullish sentiments intensify?