Bitcoin has shown strength, trading at .$63,667.93, and analysts say that it could reach $73,000 in the upcoming weeks. The crypto, which corrected sharply, has recovered well, prompting the bulls back in. Investors and traders anticipate more price rebound
Technical analysis indicators show Bitcoin trend as bullish
Technical analysis has a favorable point for Bitcoin, highlighting indicators like Bollinger bands indicating a bullish moment. The crypto’s fluctuating behavior on the 4-hour sheet, may mark a probable inclining movement. To grasp the significance of Bitcoin reaching above the $61,999 50-day EMA, it must be understood that it has historically been a sign of bullish market continuation and fluctuations.
Source: coin market cap
This pattern has been followed by a ‘three white soldiers’ candlestick pattern, which is extra strong evidence to back up the bullish attitude, which could, in turn, lead to further price increments. The traders use these signals to boost their confidence in making further profits by betting on the higher side of Bitcoin in a short period of time.
Resistance and support levels
Trend reversals in the present market environment are difficult to predict, and the importance of resistance and support in determining price movements is becoming increasingly evident. Bitcoin is experiencing first-tier obstacles at $66,796 and $69,328. In case of a successful rise above these values, it can have an escalation below, which may cause it to develop. Apart from that, at $71,180, resistance lies before Bitcoin’s all-time high again or not. Bitcoin will only manage that if it rises above $67,500, as per analysts.
The level of resistance could be reached up to $61,735 in case of Bitcoin’s trend, providing support, to prevent sharp declines. The following lines of resistance are designated by $59,550 and $56,625 which are the levels to help the price to regain its grounds if the trend goes down.
The market experts closely follow Bitcoin’s price rallies and might see $73,000 as a new high point if certain resistance levels are broken. The recovery of Bitcoin after a short correction pushed the market of crypto assets back but generated excitement among traders.
As the majority of analysts claim that Bitcoin must gradually break the $67,500 mark once again, such a breakthrough may lead the way to result in more aggressive thrusts. The technical analysts advise that it would be risky not to climb higher than this level, which could lead to retesting of the support levels that have been taken.
Source:cryptopolitan.com
