Bitcoin Bulls Reignite Momentum, Pushing Price Towards $70,000 Resistance
Bitcoin Bulls Push BTC Price Back Above $68,000, Eyes on $70,000 Resistance
Bitcoin bulls have once again taken control of the market, propelling the price of BTC back above $68,000 over the weekend. This bullish resurgence comes after a brief dip to $65,500 on Friday, signaling a shift in sentiment and renewed optimism among investors.
Price Action and Market Cap
According to CoinMarketCap data, Bitcoin’s price action has transitioned from bearish to bullish in the past 24 hours. After testing support at around $66,800, the cryptocurrency rebounded strongly, gaining 1.61% and currently trading at $68,120. The market cap of BTC has also surged to $1.35 trillion, reaffirming its position as the dominant digital asset.
However, trading volume has seen a 24.45% drop to $16.50 billion, indicating some caution among investors who may be waiting for a confirmed breakout above key resistance levels.
Technical Indicators Point to Further Upside
Technical indicators on Bitcoin’s daily chart suggest a bullish outlook for the cryptocurrency. The Relative Strength Index (RSI) is trending upwards at 60.37, indicating potential further gains in the short term. The Directional Movement Index (DMI) also shows a strengthening bullish trend, with the +DI outpacing the -DI.
Traders should keep an eye on trading volume and resistance levels between $68,500 and $69,000 for confirmation of a breakout. A successful push above $70,000 could lead to a new all-time high for Bitcoin. On the other hand, a dip below $67,000 could signal a temporary pullback before resuming the upward trend.
Overall, the bullish momentum in the BTC market has reignited hopes of reaching new highs, with $70,000 now in sight as the next major resistance level to overcome.
