Bullish Momentum for Bitcoin: Breaking This Level Could Propel It to a New All-Time High (BTC Price Analysis)
BTC Technical Analysis
Daily Chart BTC Chart
A comprehensive examination of the daily chart indicates that following a surge in demand and a bullish upswing towards the $72,000 significant resistance zone, Bitcoin faced selling pressure, resulting in a modest bearish pullback. The price range between $72,000 and $74,000 carries significant importance, serving as a formidable barrier that has impeded several upward movements in recent months.
Conversely, the substantial 100-day moving average at $66,000 serves as a critical support area. This moving average is accompanied by noteworthy demand, potentially stemming further selling pressures. However, Bitcoin’s price remains trapped between the 100-day moving average and the $72,000 resistance zone, necessitating a breakout to kickstart a robust price trajectory.
