Bitcoin

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For <a href="https://u.today/key-reason-why-bitcoin-btc-fell-to-one-week-low-details" rel="noopener noreferrer nofollow">Bitcoin,</a> the primary obstacle is clear: it is the tight price range that it has been navigating in for some time now. On the daily chart, BTC has been oscillating between the $60,000 and $70,000 marks, struggling to find a definitive direction. The Relative Strength Index (RSI), situated around the 50% level, implies equilibrium in market <a href="https://twitter.com/Negentropic_/status/1784885060572717363/photo/1" rel="noopener noreferrer nofollow">momentum</a>.
The pressing question on everyone's mind is whether <a href="https://u.today/legendary-trader-peter-brandt-predicts-bitcoin-bull-run-till-2025" rel="noopener noreferrer nofollow">Bitcoin</a> can maintain its support above $60,000 or if it will drop due to bearish pressure, potentially leading to a fall toward $52,000. While such a drop is within the realm of possibility, analysts consider this a less likely scenario given the current market structure. <img alt="BTCUSD" data-entity-type="file" data-entity-uuid="56bc0e55-90e2-4af3-ad30-11bc99b0504b" src="https://u.today/sites/default/files/inline-images/image_732.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">BTC/USD Chart by TradingView</a>
Looking at the opposing scenario, a decisive climb above the $70,000 resistance level could pave the way for Bitcoin to chart new highs. However, such a move is not without its challenges.&nbsp;
With the Bollinger Bands tightening, a significant move might be on the horizon. Support levels are visible around $60,436, acting as a potential springboard for a bounce back, while the $70,000 region stands as the key resistance to beat.
A breakout on either side could dictate the trend for the weeks to come. For now, the market is in a neutral position, as the lack of volatility and liquidity on the market will not let <a href="https://u.today/heres-how-many-hours-michael-saylor-spent-studying-bitcoin-hold-tight" rel="noopener noreferrer nofollow">BTC</a> break through, and the so-called "crab market" might become a possible future for the market.
Bitcoin's biggest price challenge at the moment is breaking out of its current range. With resistance set just above $70,000 and support around $60,000, the path Bitcoin will take is still unclear.

Bitcoin (BTC) About to Face Biggest Challenge

U_Today

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