BTC#
Are we at the beginning of a serious rise? A simplified analysis of Bitcoin BTC$ movement.
In the last week, we have witnessed interesting movement in the cryptocurrency market, led by Bitcoin $BTC which broke the $67,000 level with high trading volume. So, what is happening? Are we facing the beginning of a new rise?
Technical Analysis:
1- The four-hour time frame shows the RSI indicator with overbought signals, which may indicate a slight correction before continuing the rise.
2- The MA50 moving average is still below the price, confirming the upward trend in the near term.
3- Next resistance point: $70,000
4- Current strong support: $64,200
Impactful News:
1- Approval of a new Bitcoin investment fund in Europe.
2- Positive statements from the head of the US Federal Reserve regarding inflation.
Personal Expectations (not financial advice):
If Bitcoin stabilizes above $67k this week, we may see an attempt to break the $70k barrier soon. However, caution is necessary, as the market does not forgive the hasty.
Do you agree with the analysis? Share your opinion in the comments!
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