2024

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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>
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 <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

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