2024

Swap

Bitcoin

April

<div class="finbold">
 <p class="paragraph">Bitcoin’s (BTC) price has weakened again after failing to steady above the $65,000 zone, with the cryptocurrency continuing to be weighed down by rising geopolitical tensions in the Middle East.</p>
 <p class="paragraph">As Bitcoin remains bearish, the majority of the market is monitoring its direction, particularly given that the price movements are playing out in a monumental week characterized by the upcoming halving.</p>
 <p class="paragraph">In line with this, crypto analyst&nbsp; <em>Ali Martinez</em>, in an X (formerly Twitter) post on April 16, pointed out that Bitcoin has established new <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> and <a rel="noopener noreferrer nofollow" title="resistance" href="https://thebittimes.com/tag/resistance.html">resistance</a> <a rel="noopener noreferrer nofollow" title="levels" href="https://thebittimes.com/tag/levels.html">levels</a> investors should <a rel="noopener noreferrer nofollow" title="watch" href="https://thebittimes.com/tag/watch.html">watch</a>.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    1inch Swap API now integrated by Magic Square, with Swap Competition on the way <span class="self-center text-xs text-slate-500">36 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Saakuru Labs raises $2.4 million as it prepares to expand with 40 projects in 2024 <span class="self-center text-xs text-slate-500">36 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Supply shock alert: ‘9 months’ left of Bitcoin supply on exchanges <span class="self-center text-xs text-slate-500">48 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Japanese Yen (JPY) struggles at a 34-year low against the U.S. Dollar <span class="self-center text-xs text-slate-500">1 hour ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">According to the expert, Bitcoin has entered a consolidation phase within a parallel channel, with $61,000 emerging as the pivotal support level and $72,400 as the formidable resistance level.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="680" height="444" src="https://cdn.thebittimes.com/images/2024/04/16/2415e5d8267b1f8a6234527faa7daf7e.webp" alt class="wp-image-169365" srcset="https://cdn.thebittimes.com/images/2024/04/16/2415e5d8267b1f8a6234527faa7daf7e.webp 680w, https://cdn.thebittimes.com/images/2024/04/16/2415e5d8267b1f8a6234527faa7daf7e.webp 300w" sizes="(max-width: 680px) 100vw, 680px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: TradingView/Ali Charts</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-potential-price-targets-nbsp">Potential price targets&nbsp;</h2>
 <p class="paragraph">Martinez noted that Bitcoin is susceptible to breaking in either direction based on this price juncture. He highlighted that a breach below the support level could trigger a downward spiral towards the $50,000 level.</p>
 <p class="paragraph">At the same time, should Bitcoin bulls take charge of the crypto, it could propel its price toward new heights, potentially reaching a new all-time high above $80,000.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“By the looks of it, Bitcoin has been consolidating in a parallel channel, which makes $61,000 the most important <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> <a rel="noopener noreferrer nofollow" title="level" href="https://thebittimes.com/tag/level.html">level</a> and $72,400 the most important <a rel="noopener noreferrer nofollow" title="resistance" href="https://thebittimes.com/tag/resistance.html">resistance</a> <a rel="noopener noreferrer nofollow" title="level" href="https://thebittimes.com/tag/level.html">level</a>. If BTC breaks below <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a>, it could drop to $56,200 or $51,600. But if BTC can break past <a rel="noopener noreferrer nofollow" title="resistance" href="https://thebittimes.com/tag/resistance.html">resistance</a>, the next price targets are $79,000 and $86,000,” he said.&nbsp;</p>
 </blockquote>
 <p class="paragraph">As new Bitcoin levels emerge, it’s worth noting that the cryptocurrency’s ascent towards $70,000 hit a snag despite Hong Kong regulators introducing spot crypto exchange-traded funds (ETFs). Nonetheless, this move offers Hong Kong and Chinese investors some exposure to crypto markets following the effective ban on cryptocurrencies in mainland China in 2021.</p>
 <p class="paragraph">It remains to be seen whether the Hong Kong ETFs can inspire a rally in Bitcoin similar to U.S. markets.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">After reaching a daily high of approximately $66,300, Bitcoin has retraced and is struggling to maintain its price above $63,000. At press time, Bitcoin was trading at $63,225, marking a correction of almost 5% in the last 24 hours.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/04/16/e56235f90fa1a9d629f6c313327bfcee.webp" alt class="wp-image-169366" srcset="https://cdn.thebittimes.com/images/2024/04/16/e56235f90fa1a9d629f6c313327bfcee.webp 675w, https://cdn.thebittimes.com/images/2024/04/16/e56235f90fa1a9d629f6c313327bfcee.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">As bearish sentiment continues to dominate Bitcoin, investor interest now centers on the impact of the upcoming halving event.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-s-new-resistance-and-support-levels-to-watch-this-week-tbt85496.html">https://thebittimes.com/bitcoin-s-new-resistance-and-support-levels-to-watch-this-week-tbt85496.html</a></p>

Bitcoin’s new resistance and support levels to watch this week

Indice dei contenuti

TheBitTimes

Altri articoli pubblicati su 16 apr 2024

UK Government Sets July Deadline for Crypto Regulation Legislation

XRP Price Dips as Ripple Proposes New DeFi Lending Features

Bitcoin Halving to Fuel Drastic Changes in Cryptocurrency Mining Landscape

The DeeStream Innovation Draws Huge Investment from Solana & Ripple In the Week Before Bitcoin Ha...

First Solana Network Upgrade Rolled Out to Address Ongoing Congestion Issues

Meta Announce Plans To Temporarily Suspend Threads In Turkey

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!