The Future of Bitcoin’s Price Movement
You are witnessing Bitcoin breaking through the $71,922 barrier, signaling a shift in its upward trajectory. The cryptocurrency has recently experienced a slight pullback above $66,400 and is now gearing up for its next bullish phase, with expectations of surpassing its previous high of $73,666. Currently priced at $68,878, Bitcoin is on track to resume its upward trend.
Positive Long-term Outlook for Bitcoin Price
- Bitcoin is poised for a potential breakout above the $73,666 resistance level, paving the way for a climb beyond the $80,000 mark.
- If Bitcoin fails to surpass its recent peak, it may consolidate in a range between $66,400 and $71,500, with the possibility of a downtrend if the bears gain control.
- A breach below the moving averages could lead to a downward trajectory, with support levels at $59,810.
Bitcoin Price Analysis
The recent retracement in Bitcoin’s price has concluded, with the price bars consistently above the moving average lines, indicating a sustained upward trend. A pivotal moment will be reached if the price dips below these moving averages, interrupting the current bullish momentum. Additionally, the 21-day Simple Moving Average (SMA) is surpassing the 50-day SMA, forming a bullish crossover.
Key Technical Indicators:
- Resistance levels: $70,000 and $80,000
- Support levels: $50,000 and $40,000
Bitcoin’s Future Trajectory
Examining Bitcoin’s 4-hour chart reveals a cessation of the recent pullback and a resurgence towards an upward trajectory. The cryptocurrency is striving to breach the moving average lines and recapture its psychological threshold at $70,000. Nevertheless, encountering resistance at $73,666 may pose a challenge for buyers in the near term.
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