Bitcoin’s price trend has captured the attention of traders and investors alike, particularly on a 4-hour timeframe chart. As per analysis by CrediBULL Crypto, Bitcoin has demonstrated a general uptrend starting from September, culminating in a peak around March.
Post-March, however, the chart reveals a downward correction characterized by fluctuations, indicating either a bearish phase or a period of consolidation. These historical movements provide a crucial context for understanding Bitcoin’s potential future trajectory.
Key support levels identified include the $35,000 mark, highlighted by the low point in February. This level acted as a significant support and is crucial for future price stability. Another important support level is around $60,000, where recent price action suggests a potential base.
On the resistance front, Bitcoin faces challenges around $70,000, a level that has acted as resistance during the recent downward trend. A more substantial resistance level is projected above $120,000, indicating a major hurdle for future bullish movements.
The short-term projection, indicated by a blue line on the chart, suggests a bullish reversal from the current support level of $60,000. This indicates a potential upward movement in the near future. Furthermore, medium to long-term projections are highly optimistic, with expectations of Bitcoin reaching above $150,000 by late 2024. This indicates a strong bullish trend anticipated after the current phase of consolidation.
To monitor this potential bullish trend, it’s essential to keep an eye on the $60,000 support level. If this support holds, the likelihood of an upward trend increases significantly. Additionally, breaking the resistance at $70,000 would likely confirm the start of a new bullish phase.
Bitcoin ETFs Surge as Fidelity and Grayscale Lead with Massive InflowsAs per Whale Alert, a blockchain tracker data, significant transfers of Bitcoin to and from unknown wallets and exchanges indicate ongoing market dynamics. For instance, 3,022 BTC (approximately $185,873,027) were transferred to Coinbase, and 9,500 BTC (approximately $587,123,373) moved to a new wallet.
At press time, Bitcoin is priced at $61,474.58 with a 24-hour trading volume of $22,111,277,846. The cryptocurrency has risen by 1.20% in the last 24 hours.
The 1-day Relative Strength Index (RSI) of 35.89 suggests that Bitcoin may be approaching oversold conditions. This could lead to a short-term price bounce as buyers step in. However, the 1-day MACD trading below the signal line indicates potential further downward pressure in the near term.
