It’s been a good couple of days for the king crypto! Bitcoin has risen to $67,800, breaking through resistance levels after staying below $65,000 for a while. It previously dropped to $63,506.36 before starting its upward move.
Let’s explore the reasons behind this recent rise.
Bullish Trends in the Charts
The hourly chart shows smaller moving averages, like the 20 and 50-hour lines, crossing above the larger 100 and 200-hour averages. This is a bullish sign. Bitcoin’s price is moving in a strategic pattern, with small corrections every few hours. Without these regular adjustments, we might see a larger correction later.
So, What’s Driving the Bitcoin Price?
On the 4-hour chart, Bitcoin is working to stay above the $67,800 support level, aiming to test this new support. Part of the price surge is due to the upcoming appearance of pro-crypto Presidential candidate Donald Trump
Donald Trump
Donald John Trump, an American politician, media personality, and businessman, served as the 45th President of the United States from 2017 to 2021. Note: His Designation Is Former President
President
at the Bitcoin Conference 2024 in Nashville on Saturday. Additionally, Bitcoin ETFs are seeing more inflows, which indicates renewed investor confidence.
A Closer Look at the Technicals
In the 4-hourly chart, we can see a crossover in the MACD chart that shows the bulls are getting in power. On the other hand, if we check the liquidation data of Bitcoin, we can see a huge number of short traders got liquidated, indicating the bullish market movement.
According to IntoTheBlock, 93% of Bitcoin holders are in profit, while 7% are at breakeven.
Currently, Bitcoin is trading at $67,988, up 3.38% in the last 24 hours, though trading volume has dropped by 20.32%. The Fear and Greed Index is at 59, and Bitcoin has a market dominance of 55.4%.
What to Watch Next
Historically, after breaking through resistance, Bitcoin often experiences a minor correction. This helps the market test the new support level. Right now, Bitcoin is at this support zone and may need to consolidate here before moving towards the $68,000 resistance level. Keep an eye on Donald Trump’s speech at the Nashville conference, as it could give Bitcoin a boost.
Also Read : Bitcoin Conference 2024: Michael Saylor Reveals Major Bitcoin Price Prediction
Bitcoin’s future is looking bright. Do you believe it will reach new all-time highs soon?
