Bitcoin Price Prediction as BTC Approaches $67,000 Level – New All Time High This Week?

Forex
May 18, 2024
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Bitcoin Price Prediction

As Bitcoin hovers near the $67,000 mark, trading at $67,243.75 with a recent upswing of 1.41%, questions about its next milestone intensify. With a trading volume of $24.62 billion and a dominant market cap of $1.32 trillion, the prevailing sentiment is cautiously optimistic, stirring discussions on Bitcoin price predictions for an imminent new high.

Bitcoin Price Prediction

Bitcoin price prediction remains bullish, as BTC’s pivot point is established at $66,680, which is pivotal in determining the direction of Bitcoin’s price movement. The immediate resistance level is observed at $69,296, and breaching this level could indicate potential gains ahead.

Further resistance is identified at $71,090 and $72,809, with surpassing these levels possibly signaling strong bullish momentum and potentially setting new highs for the cryptocurrency.

Conversely, immediate support is found at $64,662, with a fall below this level potentially leading to tests of further supports at $63,299 and $61,517.

Bitcoin Price PredictionA decline beyond these points could increase selling pressure, driving the price downwards. The Relative Strength Index (RSI) is noted to be at 68, nearing the overbought territory, suggesting a possible upcoming resistance or pullback as traders might start taking profits.

Additionally, the 50-day Exponential Moving Average (EMA) is at $64,235, serving as a fundamental support level, which could be crucial if the price begins to retract, providing a potential rebound point for Bitcoin.

Conclusion: Bitcoin’s current market position shows a bullish outlook above the pivot point of $66,680. However, traders should monitor the $64,662 support level closely, as a break below this could flip the bias to bearish.

Conversely, maintaining above the pivot point could see Bitcoin testing upper resistance levels, particularly if it can sustain a break above $69,296.

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