Bitcoin (BTC) took a slight dip, slipping 3.5% in the past day to settle around $69,453 during the early Asian session on Wednesday. The flagship coin is testing the support range between $69,200 and $69,500 as it aims to revisit its all-time high (ATH) above $73k. This movement follows Bitcoin’s recent breakthrough past the resistance level at about $67,200, signaling bullish control.
Bitcoin’s journey to maintain its bullish momentum hinges on consistently closing above the $73k mark in the coming weeks. Failing to do so could validate a double top formation, supported by a bearish divergence on the Relative Strength Index (RSI).
Yes, the crypto market is heating up! Here’s everything you need to know to stay ahead.
The recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States and Hong Kong has triggered a surge in cash inflows. Investors find confidence in the improved liquidity and security provided by these Bitcoin trading platforms.
On-chain data reveals a growing trend among Bitcoin holders to hold onto their assets rather than selling. This shift suggests that more investors view Bitcoin as a long-term store of value rather than just a trading instrument.
Insights from the TD Sequential indicator on the 1-hour time frame suggest an upcoming rebound for Bitcoin towards its ATH. Additionally, Bitcoin’s price has established a strong support level above $66k, with over 530k coins transacted at this level.
Looking ahead, the next significant target for Bitcoin sits around $73,885, aligning with the four-hour 2.618 Fibonacci Extension. A sustained close above $74k could propel Bitcoin’s price towards $77k, in line with the four-hour 3.618 Fibonacci Extension.
As the market anticipates these potential movements, attention remains focused on Bitcoin’s performance in the days ahead.
Also Check Out: Bitcoin Losing Strength: Why Bulls Are Falling Short of Strength Amid Positive Market Sentiments?
Bulls or bears? Will Bitcoin break past the $73k ceiling? Let us know your prediction.
UNI, Uniswap's native token, appears bullish and is poised for massive upside momentum after a…
The crypto market is always shifting based on global money trends, but a new debate…
XRP holders are finding themselves at a crossroads as recent market trends raise questions about…
Bitcoin, the flagship cryptocurrency, has taken a hit with a 5% drop in its price.…
Amid market uncertainty, Dogecoin (DOGE), a popular and the world’s largest crypto meme coin, appears…
According to historical footprints in the global crypto market, festive seasons are always important for…
