BTC Price Chart: Last Resistance Before $68k?
Bitcoin is once again very close to new price highs, but overcoming the last resistance on the way to them may take some time. The price of BTC this week has yet to reach new record highs above $60k. After breaking above $58k, negative news from India, coupled with the overall macroeconomic backdrop and the dollar rebound, halted bitcoin's rally for a while. This led to a pullback to $53k on March 16. This price movement is perfectly normal: a bull market usually develops in waves. In other words, the market will find a new balance between sellers and buyers, after which it will decide where to move next. In general, the market is in a powerful uptrend: in just 6 months, the price of bitcoin has increased from $11 thousand to $60 thousand.
The bullish trend of BTC/USD on the daily timeframe is still in force.
The daily chart of BTC/USD shows a strong uptrend that has been going on for six months now. This is confirmed by the consistent formation of large lows and large highs. Since the last such low on the daily timeframe is at $42k, any BTC price above this level means that the bull market is out of danger and still in force. On the other hand, the RSI shows a bearish divergence, although not yet confirmed. Bearish divergence becomes confirmed when the former resistance zones turn back into resistance, and more importantly, when the price begins to form smaller lows. Thus, it is important for us to keep an eye on the price in the $50k area, as it should become the area of a new larger minimum. However, even if the $50k zone is lost, the last trend support can be found at $42k and the 21-week moving average (MA). As long as these levels are held, we can expect the trend to continue, which should raise the price of BTC to $68 thousand, to the next Fibonacci level.
Potential Scenario for Bitcoin Price.
The likely scenario for the BTC price is to continue consolidating in a local sideways trend and narrow the range of fluctuations. To do this, the market will need to retest the aforementioned support and resistance levels of the current range. After that, the consolidation will be completed and a new impulse wave may begin. In this regard, $60 thousand may serve as a resistance for some time, and while this is the case, the probability of another retest of the $55 thousand area remains relevant. Holding the $55k level will open the door for a new upward momentum from $68k. as the next point of interest.