Will Bitcoin break above 65000 soon?


BTC/USD edged north yesterday hitting a fresh record high slightly below the psychological zone of 65000, at around 64775. That said, thereafter, it pulled back and the retreat continues today as well. Even if we see some more declines in the short run, as long as the crypto is trading above the tentative upside support line drawn from the low of February 26th, we would consider the trend to be to the upside.

A break below yesterday’s low of 61100 may confirm the case for an extended pullback, perhaps towards Monday’s low, at around 59200. If the bulls are strong enough to take charge from near that zone, we could see them aiming for the all-time high again, at 64775, or the psychological zone of 65000. If they don’t stop there this time around, a break higher would take the crypto into uncharted territory.

Looking at our short-term oscillators, we see that the RSI stands slightly above 50 and points down, while the MACD, although positive, lies below its trigger line, pointing south as well. Both indicators detect slowing upside speed and support the notion for more downside correction.

Nonetheless, in order to abandon the bullish case, we would like to see a slide below 55350, a support marked by the low of April 7th. Bitcoin would already be below the aforementioned upside support line, while the dip below 55350 would confirm a forthcoming lower low on the daily chart. The bears may then push the action towards the 53100 zone, marked by the inside swing high of March 25th, the break of which could trigger extensions towards the low of the same day, at around 50200.

BTC/USD Bitcoin 4-hour chart technical analysis

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.

75.05% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure: https://www.jfdbank.com/en/legal/risk-disclosure

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

VeChain price reaches the limit, easy money in VET has been made

VeChain price did trade below the June 22 low in July but has responded with a 40% return (based on the current price) over the last six trading days, a sign of commitment and emotion in a cryptocurrency that had lead the market lower.

More VeChain news

XLM Price Prediction: Stellar faces technical challenges, upside limited

XLM price has climbed over 40% since the July 20 low, shredding the trading range defined by the descending parallel channel since the end of June. The rise has taken Stellar to a trifecta of resistance around $0.278, but enthusiasm behind ...

More Stellar news

Bitcoin price pares gains as Amazon denies it will accept BTC in 2021

Bitcoin price was up over 14% at one time today, taking it close to the imposing resistance beginning at $41,300. BTC falling wedge pattern breakout remains secure and projects higher prices.

More Bitcoin News

SafeMoon price nears lift-off, as SAFEMOON possesses the conditions for a big move

Safemoon price has been coiling within a descending triangle pattern since the May crash, highlighted by no sustainable rallies and continuous support along the May 19 low of $0.00000261.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP