Bitcoin forms a higher low: will the next breakout head toward $65,000? 🚀
Bitcoin formed $BTC
a higher low at the support zone on the hourly timeframe, indicating weakening bearish momentum. Bitcoin is currently attempting to break above the key pivot resistance level at **63,940**.
Elliott Wave: The wave analysis suggests Bitcoin needs a new upward wave that could start if the resistance lines are broken.
External correlation: The S&P 500 index is showing an upward trend, which provides additional support for Bitcoin if the positive correlation continues.
🎯 Target goals:
First target: $64,379 (confirmation of the first breakout)
Main target: $65,000 (a region associated with short-position liquidations)
As long as the price remains above the support zone, the most likely scenario is continued upside.
Bitcoin formed $BTC
a higher low at the support zone on the hourly timeframe, indicating weakening bearish momentum. Bitcoin is currently attempting to break above the key pivot resistance level at **63,940**.
Elliott Wave: The wave analysis suggests Bitcoin needs a new upward wave that could start if the resistance lines are broken.
External correlation: The S&P 500 index is showing an upward trend, which provides additional support for Bitcoin if the positive correlation continues.
🎯 Target goals:
First target: $64,379 (confirmation of the first breakout)
Main target: $65,000 (a region associated with short-position liquidations)
As long as the price remains above the support zone, the most likely scenario is continued upside.