Please enter CoinGecko Free Api Key to get this plugin works.
Please enter CoinGecko Free Api Key to get this plugin works.
HomeCrypto NewsBitcoin To Cross $70k or $50k First? BTC Next Target!

Bitcoin To Cross $70k or $50k First? BTC Next Target!

-

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.

For on-demand analysis of any cryptocurrency, join our Telegram channel.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Ripple Secures DFSA License to Expand Crypto Payments in Dubai

Ripple, a prominent provider of enterprise blockchain and cryptocurrency solutions, has obtained regulatory approval from the Dubai Financial Services Authority (DFSA) to offer crypto payment...

Crypto’s DeFi Education Fund Swaps Directors as Miller Whitehouse-Levine Moves On

One of the leading U.S. advocates for decentralized finance (DeFi), Miller Whitehouse-Levine, is departing his job as executive director of the DeFi Education Fund, where...

The State of DAO M&A

In late 2021, two DeFi DAOs — Fei Protocol and Rari Capital — embarked on what was supposed to be a transformative merger. The idea...

The Trump Tariffs – 4D Chess or Disaster For Global Markets?

It is likely not the direct effect of Tariffs that are crashing markets but the wider impact they may yet have on the US and...

Most Popular