The technical outlook suggests a bullish Bitcoin price prediction, as BTC is holding around a pivotal price point of $61,651. Ascending beyond this mark, Bitcoin faces immediate resistance at $64,565, with further resistance anticipated at $67,085 and $70,000.
Conversely, if Bitcoin’s price falls, it encounters immediate support at $59,165, with subsequent levels at $56,675 and $54,335 poised to offer further stability.
Recent trends on the 4-hour chart show Bitcoin surpassing the 50-day Exponential Moving Average (EMA) at $61,575, transitioning it from a resistance to a support level.
As discussed in the morning story on Bitcoin price prediction, the ‘three white soldiers’ candlestick pattern suggests strong bullish momentum. Nonetheless, a resistance near $63,200 could temper the ascent, demanding a breakthrough for further gains.
Should Bitcoin overcome this barrier, it is likely to challenge the next resistance at $64,564 promptly.
Overcoming this could thrust Bitcoin towards $67,084 and potentially reach as high as $70,000, especially if it surpasses a distinct double-top pattern near $67,000.
Supporting this bullish scenario is the Relative Strength Index (RSI) at 63, signaling robust buying interest.
Technical Indicators:
- RSI: 63, reflects strong buying pressure.
- 50 EMA: $61,574, now provides support.
With these dynamics, Bitcoin’s prospects appear favourable above the $61,650 pivot. Remaining above this level could lead Bitcoin to test upper resistances. However, slipping below could trigger significant sell-offs, targeting lower support levels as the market reassesses its direction.
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