The cryptocurrency market hits the $3 trillion mark in aggregate value, as prominent tokens like BTC pushed to new highs, adding to the industry’s rising momentum. The most recent price movement in BTC has triggered a break from its $60,000-$67,000 range after a week of consolidations. Bitcoin gathers traction past $68,000 handle today as the rebound from $60,125 sees its uptrend extend to new ATHs. According to Coinmarketcap data, the world’s most popular digital currency reached $68,568.85 for the first time today. So far, BTC/USD has been relatively stable, trading above $67,500 at the time of this post. Earlier, the correlation between Bitcoin and the S&P 500 has gotten stronger, showing that investor appetite for risk is expanding. Money is moving into asset types that offer high yields and returns as concerns about global inflation and economic growth persist.
Key levels
Resistance Levels: $75,000, $73,000, $70,000
Support Levels: $67,000, $65,000, $63,000
BTC/USD Daily ChartBitcoin has risen beyond the $68,000 handle today, as the rebound from the Nov. 6 low of $60,125 continues to gain traction. The BTC/USD pair may resume a broader uptrend and break through the $70,000 round number. The bullish case may delay if the $65,000 support is invalidated, and the corrective pattern from $68,568 fresh high extends with another falling leg.
Technically, BTC/USD is watched closely to see if it can build on its positive breakout. For the time being, continuous trading above $65,000 support and committed buying to drive it through the $68,568 intraday high are required to confirm the continuation of the surge from $60,125. On the other hand, BTC will need to decisively break through $65,000 support for a retracement from the $67,000 zone.
BTC/USD 4-Hour ChartOn the 4-hour time frame, the BTC/USD pair has been trading above the moving averages (MA 50 and MA 200) in recent sessions, avoiding a close below the $60,000 round level. The recovery on the broken MA 50 is also a positive indicator that buyers have taken control of the market. If sellers enter the market, the price may seek support around the $67,000–$65,000 zone, defined by the horizontal zones around its price.
The price has penetrated above the Relative Strength Index (RSI) 70 overbought zone in technical indicators, implying that the pair could make higher highs and higher lows. In terms of market momentum, the recent bounce on the MA 50 suggests that bullish pressures may prevail as the bulls will almost certainly need to break through the nearby $70,000 round number to claim the headgear.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
