Bitcoin enters the weekend under pressure at $67,000
- As of Wednesday, the price of Bitcoin was hovering in the $65,000-$68,000 range.
Bitcoin chart analysis
As of Wednesday, the price of Bitcoin was hovering in the $65,000-$68,000 range. The trend is slightly bullish, while prices are above the $67,000 level. We are heading towards the $68000 level, the upper limit of this channel. We can expect some resistance, but hopefully, a break above and a continuation on the bullish side.
Going above is just the first step for a bullish option. It is also necessary to maintain above that level in order to form a bottom from which to start further growth. After that, with bullish consolidation, we move towards the $69,000 level. Potential higher targets are the $69,000 and $69,500 levels.
Could Bitcoin hit a new ATH over the weekend?
We need a pullback of the Bitcoin price to the $66000 level for the bearish option. With a fall below, we slide to a two-day lower low, thereby confirming bearish momentum. After that, the next important zone is $65,000, where we could expect bigger support.
Potential lower targets are the $64500 and $64000 levels. The EMA200 moving resistance provides additional support in the $64000 zone. $63142 is our weekly open price, and as long as we are above it, we can expect the price of Bitcoin to rise.
Today’s Bitcoin dominance over other cryptocurrencies is 51.53%, which is 0.66% less than yesterday. Bitcoin volume has dropped by 25% in the last 24 hours. Tesla’s Bitcoin funds have recorded growth, and the reason for this is the purchase of $5.94 million worth of Bitcoin.
