๐๐๐Good news for BITCOIN Holders ๐๐๐
๐๐Bitcoin Price Eyes $76,000: Will the Rally Continue?๐๐
After hitting a new all-time high on March 5, and facing a price collapse later, Bitcoin (BTC) was back above $67,000. At press time, CoinMarketCap showed that the coin has gained 3.98% in the last 24 hours, indicating that the selling pressure initially experienced was fizzling out.
A critical analysis of the 4-hour BTC/USD chart showed that bulls were aggressively buying the dip. Furthermore, demand for Bitcoin ETFs as well as the hike in spot volume contributed to the recovery.
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Bitcoin 4-Hour Analysis
As it stands, bears risk being put out of the market. At press time, buyers might face a resistance at $68,453. If bulls push the price above the resistance, Bitcoin might reclaim $69,000 for a start.
Furthermore, the successful close could lead to an extension which puts BTC as high as $72,000. But that would depend on the bullsโ ability to defend the $66,186 support. However, rejection at the resistance could force a descending trend that could plunge Bitcoin below $63,000.
In addition, the 9 EMA (blue) was above the 20 (EMA) indicating a bullish trend. If BTC stays above both EMAs, then the bullish bias earlier mentioned could be validated. But BTCโs decline below the 9 EMA could lead to a minor correction which traders should watch out for.
