Bitcoin has reached a critical moment, after it surpassed the $68,000 threshold and set a new high local. This confirms its upward trend.
Investors and analysts closely follow the market’s next moves, looking for any signs that indicate a continuation of the rally or an eventual retracement from higher levels of supply. The excitement among traders is tangible, but caution is also present as they prepare themselves for potential resistance.
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Daan, a top analyst at Investopedia, shared his technical analysis that showed Bitcoin had broken free from an accumulation channel which was suppressing its price. Daan said that the breakout of Bitcoin above the $68,000 level resistance signals further gains as Bitcoin is moving into new territory.
In the next few days, we will know if BTC can maintain its momentum Or, they will be faced with a healthy fall from the higher levels. The fear of a market correction is causing investors to be anxious about whether Bitcoin will continue on its upward path or take a break.
What is the next ATH for Bitcoin?
Bitcoin, and the majority of altcoins, have risen from annual lows to highs within a short time.
Analysts are now speculating that this could be the start of something big—a rally that could propel prices to new highs and deliver massive gains to investors. The excitement is tempered by the fear of a possible correction.
Bitcoin struggled in the past to keep its momentum over $70,000 supply, and was often met with strong rejections, which led to steep declines.
Daan, the top crypto investor and analyst recently shared a technical analysis on XThis recent breakout may be different, explains Daan. Daan says that Bitcoin prices have finally broken free from a seven-month accumulation trend which had held them down. This signals a major shift in the market.
BTC also managed to move above both the Daily 200 Moving Average (MA) as well as the exponential Moving Average (EMA), which were key technical indicators previously causing resistance.
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Daan thinks that Bitcoin’s bullish outlook could indicate it will avoid another decline near $70.000. Investors may be preparing for BTC to surge in price, as they look forward to new highs.
BTC Technical Analysis
Bitcoin is testing a critical supply area since Monday after a strong 9 percent surge. Price is well above Daily 200 Moving Average (MA) as well as exponential moving (EMA), indicating strength. There are no signs yet of a retracement.
The buyers are still in charge for the moment, and could push above $70,000.
There is still the risk that Bitcoin will not break through and maintain $70,000, which would be critical to bulls maintaining upward momentum. This rejection could indicate a change in the market’s sentiment and lead to consolidation or profit-taking.
History shows that such a moment of market euphoria is often followed by a move discouraging, bringing down the excitement. A healthy retracement may be possible.
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BTC is expected to find solid support near the daily 200 MA, which is around $63,304. The 200 MA has acted in the past as an important indicator of support. If the price corrects and then resumes its upward trajectory, it could be a good foundation to build on for the next uptrend.
Featured picture from Dall E, chart by TradingView
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Source: www.newsbtc.com
