Bitcoin (BTC) Price Analysis: BTC Continues to Show Strong Bullish Trends, But Analysts Are Flagging Short-Term Warning Signals

Bitcoin (BTC) price continues to show strong bullish trends on the daily timeframe, yet analysts are flagging short-term warning signals that warrant attention.

Bitcoin price analysis: BTC encounters short-term warning signals, but bullish trend remains intact

Bitcoin price encountered resistance at $67,000 to $68,000, with a potential breakout targeting the next resistance at $72,000. A confirmed breakout could lead to new all-time highs.

Bitcoin price has been showing strong bullish trends on the daily timeframe, continuing its rally with support from key technical indicators. However, some analysts are flagging short-term warning signals that might warrant attention.

Fresh Bitcoin price analysis from renowned crypto analyst, Crypto World, shows that the world’s largest cryptocurrency is still in a bull market, maintaining its larger bullish trend. The super trend indicator, which is currently green, supports this ongoing positive price structure. Despite occasional pullbacks, this bullish trend has not been invalidated.

Bitcoin’s daily chart also reveals continued bullish momentum, with the U.S. Dollar Index (DXY) trending down, which has historically been a positive indicator for Bitcoin. While short-term warning signals and resistance levels may cause temporary fluctuations, the overall outlook for Bitcoin is positive.

Support And Resistance Levels

Currently, Bitcoin is encountering resistance between $67,000 and $68,000, with the volume profile indicator suggesting resistance extends up to approximately $68,200-$68,300. A confirmed breakout above $68,000, with daily candle closes and a flip to new support, would shift focus to the next major resistance near the all-time high at $72,000 to $74,000. Surpassing this level could propel Bitcoin into fresh all-time highs.

There’s a potential bearish divergence forming, with higher highs in price and lower highs in the RSI. This pattern, if confirmed, suggests a short-term cooling off period, possibly resulting in sideways movement or a slight pullback.

It’s normal for Bitcoin to face resistance and experience minor pullbacks during a bullish trend. Over the past few days, Bitcoin has struggled around the $67,000 to $68,000 range. If a rejection occurs, expect strong support around $63,000 to $64,000.

Bitcoin is also contending with Fibonacci resistance around $67,500. Minor rejections in this range are common, but the overall bullish trend remains intact. A clean breakout above $67,500-$68,000 would target the next resistance level at approximately $72,000.

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