Bitcoin (BTC) is suppressing the bulls: Step by step to the top!
Bitcoin ($BTC ), which managed to maintain $ 68,000 as support, seems to be sailing to new heights.
Bitcoin bulls regained momentum over the weekend and BTC increased by more than 2 percent to $ 68,000. This rise came right after a sharp decline to $ 65,500 last Friday. While the direction of the market is turning in favor of the bulls, eyes are on the $ 70,000 resistance level. If this level is exceeded, it is possible that the Bitcoin price will reach its all-time high (ATH).
According to CoinMarketCap data, buy-side transactions in Bitcoin have increased in the last 24 hours. The leader of cryptocurrencies tested the $ 66,800 support and recovered strongly, and showed a steady upward momentum by exceeding the resistance levels. As of writing, BTC, which is trading at $68,120, has gained 1.61 percent in the last 24 hours, rekindling bull market hopes.
Another factor supporting this rise is the increase in Bitcoin's market value to $1.35 trillion. However, the 24.45 percent decrease in trading volume indicates that some investors are being cautious.
The daily chart obtained from TradingView shows that technical indicators point to further upside potential. For example, the Relative Strength Index (RSI), an important momentum indicator, is currently at 60.37 and is trending upwards. While this indicates that BTC may continue to rise in the short term, it should also be noted that the overbought zone may be entered as the RSI approaches the 70 level.
On the other hand, the Directional Movement Index (DMI) also indicates that the bull trend is strengthening. The +DI indicator is at 26.0927, while the -DI is at 18.6290. This difference in the index shows that the bulls are gaining momentum.
However, investors should closely monitor the resistance zones of $68,500 to $69,000 and the trading volume. A clear break above $70,000 could see Bitcoin reach a new all-time high and consolidate the bull trend.
$ETH $BNB
#CryptoDeNostradame #ParrotBambooCrypto
