News View Non-AMP

The Trump Effect: Bitcoin Breaks $67,800 Resistance as Bullish Sentiment Grows

Published by
Zafar Naik

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.

So, What’s Driving the Bitcoin Price?

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 at the Bitcoin Conference 2024 in Nashville on Saturday. Additionally, Bitcoin ETFs are seeing more inflows, which indicates renewed investor confidence.

A Closer Look at the Technicals

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.

Source : IntoTheBlock

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%.

What to Watch Next

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

Bitcoin’s future is looking bright. Do you believe it will reach new all-time highs soon?

Zafar Naik

Zafar is a seasoned crypto and blockchain news writer with four years of experience. Known for accuracy, in-depth analysis, and a clear, engaging style, Zafar actively participates in blockchain communities. Beyond writing, Zafar enjoys trading and exploring the latest trends in the crypto market.

Recent Posts

Crypto News: Binance Users in India Receive Tax Notices Over TDS Compliance

Many Indians trading on the world's largest crypto exchange, Binance, have come under the glare…

April 1, 2025

Binance Coin Price Prediction 2025, 2026 – 2030: Will BNB Hit $1000?

Story Highlights Binance Coin Price Today is . The BNB price prediction anticipates a potential…

April 1, 2025

Will BlackRock’s New Bitcoin ETP Drive Crypto Adoption in Europe?

Recently, BlackRock, the world’s largest asset management firm, made a major move by launching a…

April 1, 2025

XRP Price Prediction 2030: SEC Drops Lawsuit Against Ripple | XRP Price to Spike After 60 Days?

Story Highlights The XRP Price LIVE: . The price could hit a high of $3.99…

April 1, 2025

Binance Delists USDT and 8 Stablecoins in Europe – What Crypto Traders Should Know

Big changes are coming to the European cryptocurrency market. Binance, one of the world’s largest…

April 1, 2025

Apple, Facebook, Google, and Microsoft to Drive Crypto Boom, Says Cardano Founder

Charles Hoskinson, founder of Cardano (ADA), has shared his positive outlook on the future of…

April 1, 2025