Bitcoin

The post <a href="https://coinpedia.org/price-analysis/bitcoin-price-reclaims-66000will-this-validate-a-bullish-continuation-of-an-upside-move/">Bitcoin Price Reclaims $66,000:Will This Validate a Bullish Continuation of an Upside Move?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Following a brief scuffle between bulls and bears, the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> finally broke through the consolidation. The star crypto formed the daily highs above $66,000 while trying hard to sustain above the levels as the bears are utilising all their strength to restrict the rally. While the price displayed huge chances of maintaining a sideways trend after the halving, without being impacted by the event, the weekend breakout revived the hopes for a bullish continuation.&nbsp; 
The <a href="https://markets.coinpedia.org/bitcoin/">BTC price</a> formed a triple-top pattern and was largely believed to break the lower neckline at $60,000. The bulls again managed to fool the bears and triggered a strong reversal, which now flashes huge bullish signals. This breakout was a result of excessive contraction and accumulation. However, in the larger timeframe, the price continues to trade within a bullish influence, which has been validated by the recent rebound.&nbsp; 
Having said that, is this a confirmation of a continuation to $80,000? 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/sUapAiOjz9npmmXhYYuEhl_W2uCzx3E_AOX6rAuax8f7aomENSIkThQzGONSp0wmCJj_nCgnVIntBeN13T1zLOsuRNDP5dT38qXIlJZJ15HIMRgLI6YNUCbNOvjIIqM477Qn8KCQ1LrSa8oRSi3AbAg" alt="">
</figure> 
Soon after the RSI displayed a bullish divergence with a rebound from the 38.71 range, the price gained some strength. This offered a bullish confirmation and a confirmed path towards $75,000 initially, but the actual target at $80,000. Luckily, the whales showed interest soon after the rebound, which intensified the uptrend. Currently, the bull run appears to be on its way but the BTC price needs to sustain above $66,000 for the rest of the month.&nbsp; 
Also Check Out : <a href="https://coinpedia.org/price-analysis/bitcoin-halving-event-completed-heres-what-to-expect-next-for-crypto-market/">Bitcoin Halving Event Completed: Here’s What To Expect Next For Crypto Market.</a> 
As the price soared above the crucial resistance at $63,800, the probability of forming a new ATH above $75,000 became pretty clear. However, the bears appear to have remained stationed within the range between $71,300 and $73,800. As a result, the bulls have constantly failed to break above the strong barrier. Hence, the BTC price is believed to maintain a healthy ascending consolidation towards the highs.&nbsp; 
This Might Interests you : <a href="https://coinpedia.org/price-analysis/top-altcoins-to-stack-this-week-post-bitcoin-halving/">Top Altcoins to Stack This Week Post Bitcoin Halving</a> 
While the dropped volume raises some concerns, the bulls wait for a breakthrough in the crucial range, beyond which the buying volume may intensify, leading to an uninterrupted bull run towards $100K.&nbsp;

Bitcoin Price Reclaims $66,000:Will This Validate a Bullish Continuation of an Upside Move?

CoinPedia News

Andere artikelen gepubliceerd op 22 apr 2024

Nine questions and answers about the Hong Kong Bitcoin and Ethereum Spot ETF

Bolt introduces electric motorcycles in Kenya in partnership with M-KOPA, Roam and Ampersand

Dogecoin Shows Its Classic Pattern Once Again: Analyst Shares Next Target For DOGE

Cardano Foundation Debut PRAGMA to Drive Open-Source Project Development

Key Developments at Mt. Gox for Creditors’ Compensation

Tether Issues $60M on TON, A Great Start: CEO Says

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!