Bitcoin Battles Resistance, Eyes All-Time Highs
Bitcoin (BTC) is currently grappling with resistance near $68,000 after a strong weekly rally that pushed it above $67,500. While the bulls
Bitcoin (BTC) is currently grappling with resistance near $68,000 after a strong weekly rally that pushed it above $67,500. While the bulls attempt to break through this hurdle, analysts remain divided on the cryptocurrency’s next move.
Bitcoin on the Verge of Breakout?
Bitcoin is currently hovering around $67,000, threatening to break out of the range it’s been confined to for the past month. Fading Halving Fears: Concerns regarding potential sell-offs around the recent halving event are diminishing.
Inflows into Bitcoin ETFs over the past week indicate a tangible rise in demand for the cryptocurrency. U.S. Bitcoin ETFs have witnessed significant net inflows exceeding $200 million in the past two weeks, contributing to the current rally.
Gauging Bullish Momentum
A crypto analyst points to the bullish signal from the SSR oscillator, which suggests low stablecoin dominance and potential upside for Bitcoin. While the SSR is currently below its 200-period SMA, it hasn’t dipped into the oversold territory, indicating room for further gains.
Bitcoin Price Pullback
After attempting to breach the $68,000 resistance, Bitcoin has experienced a pullback. The price is currently trading below $67,000 and the 100-hourly SMA. The BTC/USD pair witnessed a break below a connecting bullish trend line with support at $65,900 on the hourly chart.
Analyst Opinions Diverge
Some analysts believe Bitcoin could surge towards $68,800 or even $70,000 if the bulls regain control. Others warn of a potential decline if Bitcoin fails to surpass the $66,500 resistance zone.
Tether’s Impact
Tether, the world’s largest stablecoin, recently minted an additional $1 billion, potentially fueling Bitcoin’s rise towards new highs. Tether’s plans to invest 15% of its net profits in Bitcoin could further bolster the cryptocurrency’s value.
Silver vs. Bitcoin Debate
Economist Peter Schiff, a vocal Bitcoin critic, downplays the recent surge, highlighting silver’s superior performance in a short time frame. However, Bitcoin outperforms silver over longer periods, with a 58% year-to-date gain compared to silver’s 35% and a nearly 150% gain in the last year against silver’s 34%.
Bitcoin Price Analysis
- Bullish Signs: Despite facing resistance, Bitcoin bulls haven’t conceded ground. The 20-day exponential moving average is turning upwards, and the relative strength index (RSI) sits in positive territory, suggesting a potential upside. A successful breach of $68,000 could lead to a retest of the formidable $73,777 resistance level.
- Bearish Concerns: If the bears overpower the bulls, they’ll need to push the price below the moving averages to trigger a slump towards $59,600 or even the May 1st low of $56,552.
- 4-Hour Chart: Similar to the daily chart, the 4-hour timeframe shows both moving averages trending upwards with the RSI in positive territory. A critical support level to watch is the 20-day EMA. A rebound off this level could bolster the prospects of a rally above $68,000. Conversely, a drop below this level could signal weakening bullish momentum.
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