Bitcoin, the leading cryptocurrency, is poised to break out of its current range, with potential upside if it crosses $65,000. On the downside, a break below $58,945 could trigger further losses.
Price is Approaching Resistance, which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken.
BTC Price Analysis
Price: $64,500
Market Cap: Approximately $1.4 trillion
24h Trading Volume: $20.5 billion
Bitcoin is experiencing a tight range, with key support around $58,945 and resistance near $65,000.
Img src- Altfins
Trends are mixed but improving. Price broke above $60K resistance and out of Symmetrical Triangle pattern, and it successfully retested that breakout level. If price can break through the $64.4K resistance and 200-day moving average, it could revisit $72K next.
We would be buyers if price
1) breaks above $64.4K resistance, or
2) pulls back to $60K support. Stop Loss at $57K.
Weekly Performance
In the past week, Bitcoin’s performance has been stable despite geopolitical tensions and a strong U.S. dollar.
7-day Price Change: +3.2%
Weekly High: $64,000
Weekly Low: $59,000
Trend: Short-term trend is Up, Medium-term trend is Neutral, Long-term trend is Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $56,500.00, then $50,000.00. Nearest Resistance Zone is $72,000.00.
Technical Indicators
RSI (Relative Strength Index): 50.
Bollinger Bands: Bitcoin is trading at the middle of the bands.
PPO (Percentage Price Oscillator): Drifting downward.
Key News
The delay in Mt. Gox’s repayment plan until 2025 has eased fears of selling pressure from creditors, supporting a slight price rebound. Meanwhile, institutional interest continues to grow, with major ETF inflows bolstering market sentiment.
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