Bitcoin’s price has been consolidating since early March, failing to continue its uptrend. Yet, the cryptocurrency might soon get back on track and create a new all-time high.
Bitcoin Price Analysis: Technicals
By TradingRage
The Daily Chart
On the daily chart, the Bitcoin price has been consolidating between the $60K and $70K levels over the past couple of weeks. The recent rejection from the $70K zone has driven it down toward the $60K support level.
Yet, the level has held and initiated a rebound. The market is now expected to potentially retest $68K – an important resistance. On the other hand, if things go wrong and the price drops below $60K, the $48K-$52K area would be a probable target in the coming weeks.
Source: TradingView
The 4-Hour Chart
Looking at the 4-hour timeframe, it is evident that the BTC price has been creating a descending channel above the $60K zone. A breakout above the channel would be a classic bullish reversal signal, and the market could finally exit th
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