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Bitcoin (BTC) Flips Support to Resistance Signaling a Rally

Market Musing-g

Bitcoin (BTC) Flips Support to Resistance Signaling a Rally

GREED

BULLISH

BTC

RES

REKT

By TheNewsCrypto

6 months ago

•

2 mins read

Bitcoin (BTC) Flips Support to Resistance Signaling a Rally

Bitcoin’s Technical Analysis

Bitcoin price trades at $67.3K after a brief gain of 0.35% in the last 24 hours.
Crypto analyst shares a promising sign of a potential Bitcoin price momentum.

Bitcoin’s crucial resistance levels are tested to confirm a bullish trend. To accomplish this, BTC needs to surpass the $70K mark. The asset has shown resilience in recent days, with the bulls eyeing higher targets.

The technical indicators suggest Bitcoin’s bullish momentum despite a brief downside correction. Moreover, the daily and weekly price charts assess the prospect of BTC overcoming the $70,000 threshold.

However, the market volatility of BTC is unpredictable. Over the past 24 hours, the asset touched a peak of $67,523, and its low is posted at $65,188. At press time, BTC had a 0.35% spike and traded at $67,382, with its daily trading volume surging over 16.70% to $34.55 billion, as per CMC data. Consequently, BTC stays within the greed zone as the Fear and Greed Index is positioned at 79.

BTC has been in brief bullish sentiment over the past seven days, spiked by 0.10%. BTC began trading at $67,314 and eventually climbed to $69,362, surpassing the nearby resistances to break the bearish pressure.

Bitcoin’s Technical Analysis

Crypto analyst Rekt Capital shares a promising sign, suggesting a potential Bitcoin price momentum. The chart shows BTC breaking above the upper boundary of a price channel and a retest of the channel top. It would likely increase the probability of its upward momentum.

If Bitcoin maintains its mark above $66,200 by the weekly close, the analyst expects a confirmed support retest. Bitcoin has briefly dipped below the channel top but quickly reclaimed it. The wick below the Channel Top suggests temporary volatility, yet Bitcoin’s ability to return and hold is a promising bullish signal.

In addition, the four-hour technical chart of BTC highlights the current brief bearish sentiment as the Moving Average Convergence Divergence (MACD) indicator is positioned below the signal line.

Key Points Tesla’s Q3 earnings report confirms the company’s unchanged Bitcoin holdings at 11,509 BTC, valued at roughly $765 million. MicroStrategy outperforms tech giants in Bitcoin holdings, and...

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Bitcoin (BTC) Flips Support to Resistance Signaling a Rally

Table of Contents

Bitcoin’s Technical Analysis

TheNewsCrypto

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