TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

BTC/USD outlook: Bitcoin price continues to rise, but do not ignore strong signals of correction

BTC/USD outlook: Bitcoin price continues to rise, but do not ignore strong signals of correction
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin regained traction early Wednesday and rose to new record high, after bulls took a brief breather previous day.

Demand remains very strong on huge inflows into recently approved ETF’s, which continues to inflate the price (bitcoin was up around 180% since September).

Sustained break above $70000 level further strengthen the structure for attack at initial target at $74767 (FE 300% of the third wave from $24129 (Aug low), guarding psychological barrier at $80000 and $81531 (Fibo 123.6% projection of the rally from $15437, 2022 low).

Caution on strongly overbought daily studies and diverging momentum indicator which point to growing risk of correction.

Res: 74767; 75561; 76200; 80000.
Sup: 73000; 70650; 70000; 68750.

BTCUSD

Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

More from Slobodan Drvenica
Share:

Editor's Picks

XRP extends decline as CLARITY Act setback reinforces bearish outlook

XRP extends decline as CLARITY Act setback reinforces bearish outlook

Ripple (XRP) trades lower around $1.28 on Wednesday, as investors broadly assess the impact of the failed United States (US) Senate vote on the CLARITY Act and the upcoming Federal Reserve (Fed) monetary decision.

Crypto Today: Bitcoin, Ethereum, XRP face headwinds as Fed decision looms

Crypto Today: Bitcoin, Ethereum, XRP face headwinds as Fed decision looms

Cryptocurrency prices are broadly retreating on Wednesday, with Bitcoin holding near $75,000. Ethereum holds below the support-turned-resistance at $2,400 while remaining structurally resilient. Meanwhile, Ripple is trading lethargically below $1.30.

Circle launches Arc mainnet with Wall Street validators as CLARITY Act stalls

Circle launches Arc mainnet with Wall Street validators as CLARITY Act stalls

Circle has publicly launched the Arc mainnet on Wednesday, an EVM-compatible Layer 1 blockchain built for financial markets, stablecoin payments, and AI agentic economic activities.

Bitcoin weakens as CLARITY Act fails to advance ahead of Fed decision

Bitcoin weakens as CLARITY Act fails to advance ahead of Fed decision

Bitcoin remains under pressure, trading below $76,000 at the time of writing on Wednesday after falling over 3% the previous day and as the CLARITY Act failed to advance in the US Senate. Mixed institutional demand suggests caution amid heightened Middle East tensions.

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.