Bitcoin's chart shows strong bullish signals. As prices approach key liquidity areas, a short squeeze may occur in the short term. According to the analysis of Crypto World analyst Josh, Bitcoin's relative strength index (RSI) has entered the overbought zone, which means that the price may face some resistance in the short term. Currently, the price of Bitcoin fluctuates above the key $66,000 level, and analysts generally believe that this may be a sign of the start of a bull market.
Bitcoin Price Prediction: Key Resistance Levels
Bitcoin price is approaching the key $68,000 resistance level. A successful break above this could lead to a larger, longer-term uptrend. Analysts note that $68,000 is a key level as it marks the intersection of the descending resistance line and the previous high. If the price stabilizes above this level, the next target will be the historical high range, around $73,000 to $74,000.
However, if Bitcoin fails to break through the $68,000 resistance level on the first attempt, it could face a short-term correction. In this case, support could come in around $64,000 to $63,000.
If Bitcoin can effectively break through $68,000 and confirm this breakthrough, it will start a longer-term bull market pattern. After that, the price structure will be clearly bullish, which may drive prices to new all-time highs in the coming weeks or months. Once it breaks through, the bull market will target levels above $73,000.
Conclusion: Is a Bitcoin Rally Coming?
In the short term, Bitcoin is approaching the $67,000 to $68,000 resistance range. While the overall trend remains bullish, the market may experience some consolidation or a minor correction due to the presence of overbought conditions in the short term.
