Bitcoin
Bitcoin Price Prediction as BTC Approaches $67,000 Level – New All-Time High This Week?
Last updated: May 18, 2024 08:09 EDT | 2 minutes reading
As Bitcoin hovers near the $67,000 mark, trading at $67,243.75 with a recent gain of 1.41%, doubts about its next milestone intensify. With a trading volume of $24.62 billion and a dominant market capitalization of $1.32 trillion, the prevailing sentiment is cautiously optimistic, stirring discussions about Bitcoin. price predictions for an imminent new high.
Bitcoin Price Prediction
Bitcoin Price Prediction remains bullish as BTC’s pivot point is set at $66,680, which is key in determining the direction of Bitcoin’s price movement. The immediate resistance level is observed at $69,296, and breaking this level could indicate potential gains in the future.
Additional resistance is identified at $71,090 and $72,809, with surpassing these levels possibly signaling strong upside momentum and potentially setting new highs for the cryptocurrency.
On the other hand, immediate support is found at $64,662, with a drop below this level potentially leading to tests of additional supports at $63,299 and $61,517.
Bitcoin Price Prediction A decline beyond these points could increase selling pressure, causing the price to fall. The Relative Strength Index (RSI) is at 68, approaching overbought territory, suggesting possible resistance or pullback ahead as traders may begin to take profits.
Furthermore, the 50-day exponential moving average (EMA) is at $64,235, serving as a key support level, which could be crucial if the price starts to pull back, providing a potential recovery point for Bitcoin.
Conclusion: BitcoinThe current market position shows a bullish outlook above the $66,680 midpoint. However, traders should closely monitor the $64,662 support level as a break below this could turn the trend down.
On the other hand, holding above the pivot point could see Bitcoin test higher resistance levels, especially if it can sustain a break above $69,296.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.