Bitcoin is set for a new ATH? – brief price analysis by BlockchainReporter
Bitcoin price failed to hold its momentum around the $70K mark, resulting in a steep decline below its Fib channels. However, BTC rebounded from the 100-day EMA, priced at $67,291, and climbed past the $68.3K mark, suggesting that the bulls are consolidating their position. As of writing, BTC price trades at $67,902, declining over 0.9% in the last 24 hours.
The BTC/USDT trading pair appears poised for a potential rally toward the significant resistance level at $71,000. At this point, it is anticipated that the bears will vigorously contest this level. A breach here could send the pair toward $74K, and possibly extend gains to a new ATH.
Conversely, if the price sharply declines from this resistance and falls below the moving averages, it would indicate that the trading pair might oscillate around the ascending support channel.
