Bitcoin is currently facing rejection at a critical resistance level but is no longer showing the hidden bearish divergence on the daily chart. Instead, it’s showing a traditional bearish divergence on smaller time frames. At the same time, the price of Bitcoin is building up liquidity on the downside.
According to analyst Josh of Crypto World, Bitcoin is hovering around a previous high of approximately $64,500, but still remains below a significant descending resistance line that has been keeping the price down for over six months. This resistance line is currently just under $68,000, and breaking above this level is important for a more bullish trend on the larger time frames.
Recently, the DXY (U.S. Dollar Index) has seen a bearish move, which is typically positive for Bitcoin. A brief breakdown in the DXY provided a bullish signal, but it bounced back, making things relatively neutral in the short term. However, the overall short-term trend for Bitcoin remains bullish due to the DXY’s weakness.
What’s Next For Bitcoin Price?
On the daily Bitcoin chart, the price has faced multiple rejections from the $64,000 to $64,500 resistance range. To confirm a breakout, Bitcoin needs a daily candle close above $64,500. Ideally, a retest of this level as support would provide extra confirmation. If Bitcoin breaks above this range, the next resistance level is between $67,000 and $68,000, which is a significant area due to previous support and resistance levels and high trading volume.
If Bitcoin can confirm a breakout above $68,000, it would be a strong bullish signal for both the short and long term, potentially leading to a continued bull market. However, for now, Bitcoin is still battling resistance at around $64,500, though it has made slight gains with higher daily candle closes.
XRP continues to ride the momentum of its recent breakout. After shattering its previous all-time…
The Bitcoin (BTC) bullish delay, amid ongoing Ethereum (ETH) pump, has increased the odds of…
The recent success of utility tokens like Solana has demonstrated the sheer potential of blockchain…
The Pi Network community is buzzing with excitement after rumors surfaced on X that Pi…
Remittix is emerging as a major force in the crypto space, gaining traction as a…
South Korea is taking big steps to catch up with the changing crypto world. After…