It’s been a good couple of days for the king crypto! Bitcoin has risen to $67,800, breaking through resistance levels after staying below $65,000 for a while. It previously dropped to $63,506.36 before starting its upward move.
Let’s explore the reasons behind this recent rise.
The hourly chart shows smaller moving averages, like the 20 and 50-hour lines, crossing above the larger 100 and 200-hour averages. This is a bullish sign. Bitcoin’s price is moving in a strategic pattern, with small corrections every few hours. Without these regular adjustments, we might see a larger correction later.
On the 4-hour chart, Bitcoin is working to stay above the $67,800 support level, aiming to test this new support. Part of the price surge is due to the upcoming appearance of pro-crypto Presidential candidate Donald Trump
In the 4-hourly chart, we can see a crossover in the MACD chart that shows the bulls are getting in power. On the other hand, if we check the liquidation data of Bitcoin, we can see a huge number of short traders got liquidated, indicating the bullish market movement.
According to IntoTheBlock, 93% of Bitcoin holders are in profit, while 7% are at breakeven.
Currently, Bitcoin is trading at $67,988, up 3.38% in the last 24 hours, though trading volume has dropped by 20.32%. The Fear and Greed Index is at 59, and Bitcoin has a market dominance of 55.4%.
Historically, after breaking through resistance, Bitcoin often experiences a minor correction. This helps the market test the new support level. Right now, Bitcoin is at this support zone and may need to consolidate here before moving towards the $68,000 resistance level. Keep an eye on Donald Trump’s speech at the Nashville conference, as it could give Bitcoin a boost.
Also Read : Bitcoin Conference 2024: Michael Saylor Reveals Major Bitcoin Price Prediction
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