Convergence

Bitcoin

Divergence

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-shows-potential-for-upward-trend-as-it-eyes-70000-mark" rel="noopener noreferrer nofollow">Bitcoin Shows Potential for Upward Trend as It Eyes $70,000 Mark</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-etf-approval-a-double-edged-sword" rel="noopener noreferrer nofollow">Bitcoin</a>, the leading <a href="https://en.bitcoinhaber.net/optimism-op-coin-continues-to-gain-value-with-double-digit-gains" rel="noopener noreferrer nofollow">cryptocurrency</a>, has exhibited resilience by holding the $65,000 support zone, fueling speculations of an impending upswing. The digital currency is currently trending upward, as market watchers anticipate a potential breach above the crucial $70,000 resistance level. This comes after a period of testing lower valuations, pointing towards a possible change in momentum.</p>
<h2 id="recovery-from-recent-slump">Recovery from Recent Slump</h2>
<p style="text-align: justify">The Bitcoin market has witnessed positive signals following its recent dip, bouncing back from the $65,000 mark. Despite trading below $70,000 and the 100-hour Simple Moving Average—a key indicator for traders—the cryptocurrency has broken past a significant declining trend line at $67,100 on the hourly chart. This breakthrough suggests that Bitcoin could gather momentum for an upward trajectory if it successfully challenges the $70,000 resistance zone soon.</p>
<h2 id="key-levels-to-watch">Key Levels to Watch</h2>
<p style="text-align: justify">With the breakout, Bitcoin faces immediate resistance levels at $69,200 and the pivotal $70,000 mark. A successful climb past these obstacles could propel the price towards the $71,200 range. Conversely, failure to secure a close above $70,000 may leave the currency vulnerable to a downward correction. Support levels at $66,500 and $65,000 are crucial; a breach below these could lead to further depreciation, with potential fallbacks to the $64,500 or $63,500 price points.</p>
<h2 id="technical-analysis-outlook">Technical Analysis Outlook</h2>
<p style="text-align: justify">Current technical indicators present a mixed picture. The hourly Moving Average Convergence Divergence (MACD) is showing signs of waning in the bearish zone, suggesting that downward momentum may be losing strength. Meanwhile, the Relative Strength Index (RSI) remains above 50, hinting at a possible recovery. With these indicators in mind, Bitcoin is vying for a push above the $70,000 resistance, which may require increased buying activity to sustain the climb.</p>
<p style="text-align: justify">Overall, the cryptocurrency community is closely monitoring these developments, with the potential for Bitcoin to reach new heights in the near future.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-shows-potential-for-upward-trend-as-it-eyes-70000-mark" rel="noopener noreferrer nofollow">Bitcoin Shows Potential for Upward Trend as It Eyes $70,000 Mark</a></h5>

Bitcoin Shows Potential for Upward Trend as It Eyes $70,000 Mark

Table of Contents

BH NEWS

Other articles published on Mar 18, 2024

Bitcoin Market Dynamics and Upcoming Halving Impact

io.net Adds Support for Apple’s Silicon Chips for AI

MrBeast set to hold ‘the biggest game show ever’ on Prime Video

India’s booming crypto market faces hurdles

Polkadot, Cardano, Litecoin Attract $6.3 Million Inflows in Epic Market Boom

Avalanche Price Prediction: AVAX Surges 20% On Meme Coin Mania, But Can’t Match This Solana Star’...

Join our free newsletter for daily crypto updates!