Bitcoin hits 4-week high
Since breaking above the 200-day moving average and the bearish trend line around the 59,500 mark at the start of last week, Bitcoin has rallied sharply as the bears rushed to exit. Along the way, it has surpassed multiple resistance levels, including 63,800 on Monday. This level has now turned into support, indicating bullish price action.
In recent days, Bitcoin had been consolidating its gains from the past couple of weeks. However, today it has risen again, surpassing yesterday's high of 65,130, which is now the nearest short-term support level to watch.
Thus, the path of least resistance for Bitcoin is clearly to the upside as it approaches potential short-term resistance around the 67,000 area. The key resistance area is around the 72,000 mark, which Bitcoin has struggled to break convincingly after several attempts in the past few months. Nonetheless, the overall price action appears bullish, and an eventual breakout seems likely.
By Fawad Razaqzada, market analyst at FOREX.com
In recent days, Bitcoin had been consolidating its gains from the past couple of weeks. However, today it has risen again, surpassing yesterday's high of 65,130, which is now the nearest short-term support level to watch.
Thus, the path of least resistance for Bitcoin is clearly to the upside as it approaches potential short-term resistance around the 67,000 area. The key resistance area is around the 72,000 mark, which Bitcoin has struggled to break convincingly after several attempts in the past few months. Nonetheless, the overall price action appears bullish, and an eventual breakout seems likely.
By Fawad Razaqzada, market analyst at FOREX.com
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