Bitcoin, after a strong performance that pushed its price towards $68,000, experienced an unexpected downward correction, causing concern among investors. However, BTC appears to be recovering. So, what can investors expect at this stage?
Bitcoin’s price reached a new weekly high of $67,984 after surpassing the $67,200 and $67,500 resistance levels, but it was unable to hold at this level. This led to a downward correction, grabbing the attention of investors. To stay updated on the latest financial and business news, visit COINTURK FINANCE.
Technical analyses reveal that the BTC/USD pair broke below the ascending trend line, which coincided with the $65,900 support on the hourly chart. This break raised concerns among investors, causing the price to drop below the $66,500 support area. Currently, Bitcoin is trading below $67,000.
There is a possibility of Bitcoin moving towards $68,000 if it can make a clear move above $67,500, gaining upward momentum once again. If the bulls can sustain this movement, the price could rise towards the $68,800 resistance area and potentially reach the $70,000 barrier with further gains.
Bitcoin has immediate support at the $66,000 level, which is also close to the trend line. If this support breaks, the price could retreat to $65,500. However, the main support to watch is around $64,500. In the event of increased selling pressure in the market, the possibility of Bitcoin heading towards the $63,150 support area should not be overlooked.
Technical indicators support the downside possibility. The four-hour MACD indicator, although in the bullish zone, is losing momentum, indicating weakening buyer strength and potential seller intervention. Similarly, the four-hour RSI is below the 50 level, suggesting that sellers have control over the market rather than a neutral position.
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Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.