Bitcoin Gains But Sellers Still Have The Upper Hand: Will BTC Break $68,000?

Bitcoin might be firm when writing but sellers have the upper hand. Trading in a range, resistance is at $74,000

Dalmas Ngetich•Wednesday, April 24, 2024•2 min read

Bitcoin prices were restricted within a tight range on April 23. Even though the prior bull bar was trend-defining, breaking above local resistance levels, the failure of a firm confirmation should be a concern. The prices are now trading above the middle BB, and yesterday’s bar had a long lower wick suggesting strong demand. At spot rates, BTC is back within the multi-week range, where a key resistance level to watch is $74,000.

Currently, Bitcoin is stable, up roughly 1% from the previous day. At the same time, the coin is up 6% in the last week of trading. If this momentum remains, the trading volume will expand some more. Over the last 24 hours, trading volume stands at $24 billion, down 3%. Should prices expand higher today, building on April 22 gains, participation will likely increase, fueling optimistic bulls.

Bitcoin daily chart for April 24

The following Bitcoin news events will influence price action:

PayPal plans to reward efficient Bitcoin miners for proactively conserving the environment. In partnership with other firms, the payment processor will distribute BTC, among other rewards, to verified green miners.
The leg up, on-chain data shows, was due to whales accumulating coins when prices temporarily fell towards the $61,000 level. Their engagement helped pushed prices to spot levels. Even so, whether this momentum will be sustained remains to be seen.

Bitcoin Price Analysis

BTC/USD is technically bullish from a top-down review.

Though traders expect prices to expand, the failure of bulls to engage yesterday should be a concern.

When writing, it is evident that Bitcoin is back in the March to April trade range.

At the same time, prices are below the immediate resistance level at $68,000. This formation favors short-term sells since the coin is still inside the April 13 high.

If prices drop below the middle BB today, BTC might slip towards April lows of around $61,000.

Conversely, a sharp expansion above $68,000 will thrust the coin into the range whose cap is at all-time highs.