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Bitcoin Price Remains Firmly Anchored in Bull Market, Eyes $74,000
Bitcoin continues to exhibit strong bullish trends on the daily time frame, but analysts are pointing out some short-term warning signals that deserve attention. According to Crypto World analyst, The largest cryptocurrency remains firmly entrenched in a bull market, maintaining its broader uptrend. The supertrend indicator, which is currently green, supports this continued positive price structure. Despite occasional pullbacks, the uptrend has not been invalidated.
He said that the daily chart of Bitcoin also reveals continued bullish momentum. The US Dollar Index (DXY) is falling, which has historically been a positive indicator for Bitcoin. While short-term warning signals and resistance levels may cause temporary fluctuations, the overall outlook for Bitcoin is positive.
Support and resistance levels
Currently, Bitcoin is finding resistance between $67,000 and $68,000, with the Volume Profile indicator suggesting that resistance extends to around $68,200 to $68,300. A confirmed break above $68,000, with daily candle closes and a swing to new support, would shift focus to the next major resistance near the all-time high of $72,000 to $74,000. Breaking above this level could propel Bitcoin to new all-time highs.
A potential bearish divergence is forming, with higher highs for price and lower highs for the RSI. This pattern, if confirmed, suggests a short-term cooling period, which could lead to a sideways move or a slight pullback.
It is normal for Bitcoin to encounter some resistance and minor pullbacks during an uptrend. Over the past few days, Bitcoin has struggled around $67,000-$68,000. In case of rejection, expect strong support around $63,000-$64,000.
Bitcoin is also grappling with Fibonacci resistance around $67,500. Minor rejections in this range are common, but the overall uptrend remains intact. A clear break above $67,500 to $68,000 would target the next resistance level at around $72,000.