Bitcoin

Resistance

Optimism

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-surges-towards-new-resistance-market-watches-for-sustainability" rel="noopener noreferrer nofollow">Bitcoin Surges Towards New Resistance, Market Watches for Sustainability</a><br></p>
<p style="text-align: justify">The <a href="https://en.bitcoinhaber.net/altcoins-eye-potential-rallies-as-bitcoin-consolidates-at-69000" rel="noopener noreferrer nofollow">cryptocurrency</a> arena witnessed a surge of activity, with <a href="https://en.bitcoinhaber.net/crypto-surge-analysts-predict-user-growth-to-nearly-a-billion-by-2024" rel="noopener noreferrer nofollow">Bitcoin</a> spearheading a robust recovery, initiating from the low of $60,800. The currency experienced an upward trajectory of almost 10%, challenging the resistance near $68,800. The market’s enthusiasm for Bitcoin’s upturn is palpable, with a keen eye on whether the digital asset can maintain its newfound strength amidst its inherent volatility.</p>
<h2 id="resilient-rebound-fuels-optimism">Resilient Rebound Fuels Optimism</h2>
<p style="text-align: justify">Bitcoin, defying the skeptics, managed to orchestrate a surge from a critical support base established at $60,778. The digital currency’s value soared past several key thresholds at $63,000 and $64,000, showcasing a robust ascent. This climb was further emphasized as it eclipsed the 50% Fibonacci retracement level of the recent downturn, coupled with a breakout above a significant bearish trend line on the hourly charts.</p>
<p style="text-align: justify">Currently, Bitcoin’s performance appears bullish as it trades well above the $64,500 mark, with its standing reinforced by its position above the 100-hour Simple Moving Average and past the 76.4% Fibonacci retracement level. These indicators provide a testament to the bullish sentiment in the market.</p>
<h2 id="challenges-and-resistance-await">Challenges and Resistance Await</h2>
<p style="text-align: justify">Despite the positive momentum, Bitcoin faces imminent resistance levels, particularly around $68,000. A decisive climb over the $68,800 mark is crucial to sustain the bullish momentum, potentially propelling the currency towards a $70,000 target. Beyond this, $72,500 emerges as the next significant barrier.</p>
<p style="text-align: justify">Failure to overtake the $68,800 resistance could spell unease amongst investors, with the possibility of Bitcoin reverting to a downtrend. In such a scenario, a retraction to the support at $66,800 might occur swiftly.</p>
<h2 id="support-levels-and-potential-outcomes">Support Levels and Potential Outcomes</h2>
<p style="text-align: justify">The stability of Bitcoin hinges on the $68,800 level. If unable to breach it, the price may retract to $66,800, an immediate support zone. Below that, the major support lies at $65,500, which could arrest the decline. Should the currency slide beneath this threshold, the next support at $64,800 becomes crucial, and failing to hold could lead to a decline towards $63,000 and potentially to the $62,500 area. At present, Bitcoin is valued at $66,854.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-surges-towards-new-resistance-market-watches-for-sustainability" rel="noopener noreferrer nofollow">Bitcoin Surges Towards New Resistance, Market Watches for Sustainability</a></h5>

Bitcoin Surges Towards New Resistance, Market Watches for Sustainability

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