The recent monthly drop in Bitcoin’s price was seemingly triggered by the new conflict in the Middle East. It slightly slipped under the key $60k level last Wednesday but later found support after a quick bounce back.
It’s the start of a new week and Bitcoin’s daily chart is painting a green scenario again following a steady recovery over the past days. The bulls are technically back in action as they charge towards the previous high.
As the demand level rises, Bitcoin pushed to $63,970 earlier today and briefly cooled off buying due to a slight rejection. Despite that, the price remains strong on the day as it now trades at $63,200. Bigger positive actions should be expected in the future if demand continues to rise.
On the daily price chart, there are currently no signs of bears. If the latest rejection triggers another dip, the bulls will have to defend the above crucial level well to remain in control. Failure to do so may result in another painful loss in the market.
Looking at the latest bullish footing, Bitcoin could rally exponentially above $70k after breaking out of its seven-month descending channel.
BTC’s Key Levels To Watch
Source: Tradingview
If Bitcoin manages to surpass the previous monthly $66,500 high, it may encounter resistance at $68,000 which coincides with the channel’s upper boundary. The next resistance level to watch for a break-up is $70,800 and $72,000 in no time.
Holding the $60,000 level as the current monthly low, a drop below it could slide the price to the $57,500 support. There’s also a support level at $55,00 if the market continues to fall.
Key Resistance Levels: $66,500, $68,000, $70,080
Key Support Levels: $60,000, $57,500, $55,000
Spot Price: $63,225
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: releon003/123RF // Image Effects by Colorcinch