Bitcoin

<a href="https://bitcoinist.com/breaking-bitcoin-halving-2024-complete-what-expect/" target="_blank" rel="noopener ">Bitcoin</a> has been endeavoring to shift its trajectory from a downturn to an upswing. However, despite its efforts, the coin has remained on a downward trend for several days following its inability to surpass its previous all-time high of $73,833. 
<h2 id="b-will-bitcoin-continue-upward-after-this-rejection-b">Will Bitcoin Continue Upward After This Rejection?</h2> 
At the time of writing, the price of BTC was trading around $63,846 which was about 27% down from its all-time high and was up by 0.06% in the last 24 hours. Although the price is trading below the 100 Simple Moving Average (SMA) on the 4-hour chart, on the daily chart it is still trading above the 100 SMA 
Looking at the<a href="https://bitcoinist.com/dogecoin-major-support-doge/" target="_blank" rel="noopener "> support and resistance</a> lines in the below image, it can be seen that the price has tried to break the support level of $59,579 twice and has failed. The first time Bitcoin reached this level, it pushed the price upward to create a new all-time high. Thus, now that it has hit this level again, it might push BTC even further. 
The circles in the image indicate the two points: 
<img loading="lazy" decoding="async" class="size-medium wp-image-295676 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-12-41.png?w=640&amp;resize=640%2C356" alt="Bitcoin" width="640" height="356" srcset="https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-12-41.png?w=2273 2273w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-12-41.png?w=640&amp;resize=640%2C356 640w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-12-41.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-12-41.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-12-41.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-12-41.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-12-41.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-12-41.png?w=1140 1140w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
Also, with the formation of the Relative Strength Index (RSI) in the image, the indicator suggests an upward movement as the RSI signal line is seen trending slightly above the 50% level. This also suggests that buyers are still very active in the market and against the sellers. 
The MACD indicator from the 4-hour chart also suggests that BTC might move upward as the MACD histograms are<a href="https://bitcoinist.com/trending-crypto-alert-ondo-dogwifhat-and-raboo-surge-in-bullish-crypto-sentiment-2/" target="_blank" rel="noopener "> trending</a> above the zero line. Both the MACD line and the Signal line have crossed and are about to cross above the MACD zero line, indicating a bullish trend, as seen in the below image. 
<img loading="lazy" decoding="async" class="size-medium wp-image-295679 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-36-53.png?w=640&amp;resize=640%2C356" alt="Bitcoin" width="640" height="356" srcset="https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-36-53.png?w=2273 2273w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-36-53.png?w=640&amp;resize=640%2C356 640w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-36-53.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-36-53.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-36-53.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-36-53.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-36-53.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-20_10-36-53.png?w=1140 1140w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
<h2 id="strong-possible-trend-that-could-play-out-strong">Possible Trend That Could Play Out</h2> 
In other words, since the price of Bitcoin is trying the move upward, if it manages to break above the minor resistance level of $67,895.24, it might begin to move toward its major resistance level of $73,833.34. Furthermore, should prices surpass this level, it might even move further to create a new all-time high. 
On the contrary, if Bitcoin fails to move above its previous highs, it might move downward toward its previous support level of $59,579.72. If it breaks below the zone, the price might encounter a deeper correction to create a<a href="https://bitcoinist.com/new-low-risk-tokens-that-will-double-your-investment/" target="_blank" rel="noopener "> new low.</a> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/8jll9EnH/" alt="Bitcoin" width="2273" height="1351">

Bitcoin Rebounds After Dropping To $59,000 Level — Path To New Peak?

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