Bitcoin is back above $70,000 again: where is it headed next? – perspective by CoinTribune
After continuing to decline, Bitcoin reached a low around $60,000. It was from this level that a renewed interest from buyers manifested, leading to a price increase to $68,000. It then required additional buyer support near $62,000 to eventually break through the $70,000 threshold. Thus, Bitcoin’s short-term trend appears to be reversing. It is notable that it has once again surpassed the key value area of $67,000. The next one is located around $72,000.
At the time of writing this article, the Bitcoin price is trading at around $70,500. It seems to be moving higher again compared to its 50-day moving average, which is itself trending upward. This suggests a continuation of the current trend. The dynamics of the mother cryptocurrency have, meanwhile, rebounded as expected. This rebound is illustrated by both the oscillators and the price itself.
If Bitcoin price manages to hold around the $65,000 mark, we could envisage a new ATH (All-Time High) at $75,000. The next resistance could be more difficult to pinpoint, however, the $78,000 can be highlighted. Then, without being overly optimistic, the $80,000 mark is noted. Reaching this last level would signify an increase of around +13%.
If Bitcoin price fails to maintain above $65,000, we could envisage support from buyer interest around the $60,000 zone. The next level to consider if the downtrend continues would be around $58,000. At this stage, it would represent a drop close to -17%.
