Bitcoin’s Price Surpasses $70,000 Peak

Bitcoin (BTC) has been on the rise, breaking through the $69,000 resistance zone. This marks the third time Bitcoin has surpassed this price level.

However, the bulls have not managed to sustain the momentum above $69,000. Once this initial barrier is overcome, Bitcoin is expected to rise above the psychological level of $70,000. On the other hand, if the bulls fail to break through the $69,000 mark, the largest cryptocurrency will continue to move sideways above the moving averages but below the resistance line. Conversely, if the bears breach the moving averages, the current uptrend will halt. Bitcoin’s price is currently at $71,628.

BTC Indicator Readings

As the cryptocurrency approaches the psychological price level, Bitcoin’s price remains above the moving averages. With buyers targeting the high of $70,000, the moving averages continue to trend north. The upward crossover of the moving averages indicates a positive trend. The appearance of the Doji candlestick has slowed down the price movement.

What’s Next for BTC/USD?

On the 4-hour chart, Bitcoin is retesting the $70,000 high after breaking through the current resistance level. Now, after reaching the target price level, buyers are maintaining bullish momentum above the $70,000 high. If buyers succeed, Bitcoin will return to the previous highs of $71,750 and $73,000.

Long-Term Price Forecast: Bullish

Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.

Sentiment: Positive