web3.0Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Toncoin (TON), Polkadot (DOT), and BONK Price Analysis
Bitcoin (BTC) has been unable to go above $65,000, facing strong selling pressure at that price. Additionally, retail interest in BTC has hit a three-year low
Bitcoin (BTC) price hit a roadblock at the $65,000 mark this week, encountering strong selling pressure at this level. The cryptocurrency began the week with a strong surge but faced a retracement later on. However, telltale signs on the price chart suggest that this could be the precursor to an even bigger rally.
Bitcoin price analysis: Key price levels to watch out for
After hitting a high of $60,750 on Monday, BTC encountered selling pressure on Tuesday, dropping to a day low of $62,388. Despite this bearishness, demand at lower levels pushed the price back up, enabling it to settle above the 50-day SMA at $65,000 after an increase of 0.54%.
After another attempt by BTC bulls to push towards $66,000 on Wednesday, the price fell by 1.49% to $64,156. Increased volatility on Thursday saw another attempt by buyers to push above $65,000, while sellers aimed to push BTC below the 50-day SMA. Despite a marginal drop in price, BTC managed to stay above the 50-day SMA at $64,027.
The current session sees BTC marginally up, trading at $64,406 after recovering from a day low of $63,321. It remains to be seen whether bulls will make another push for $65,000 during the current session.
Based on a popular chart formation known as the bull flag, the next crucial level in the bull cycle for BTC if it manages to push above $65,000 and the resistance at $66,000 is $74,000. A bull flag is a pattern that forms between two rallies separated by a short retracement period, something we could be witnessing in BTC’s chart. However, any chance of such a scenario playing out depends on BTC reclaiming its old all-time high.
Before that, BTC faces stiff resistance at $65,000, with some analysts stating the cryptocurrency is not yet ready for a retest of that level. However, it has managed to stay above a key level of support in the form of the 50-day SMA.
The above is the detailed content of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Toncoin (TON), Polkadot (DOT), and BONK Price Analysis. For more information, please follow other related articles on the PHP Chinese website!
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