Is $70k the next target for Bitcoin after setting a new high at $68k?

Avatar

Choose your language:
Bitcoin has reached a new all-time high above $68k and could rally higher over the coming hours if the market maintains the current momentum.
The cryptocurrency market has been performing excellently over the past few hours, with Bitcoin and Ether all reaching new all-time highs. Bitcoin reached a new all-time high of $68,641 per coin, according to the data obtained from Coingecko.
The leading cryptocurrency surpassed the previous all-time high of $67,257 after rising by more than 3% over the past 24 hours. At the time of writing, BTC is trading at $68,150, down by 0.7% from the all-time high price it attained a few hours ago.
The BTC/USD 4-hour chart is very bullish at the moment, thanks to the cryptocurrency’s performance over the past few hours. Bitcoin’s MACD line is above the bullish territory, and its relative strength index of 73 shows that the coin is overbought at the moment, indicating further gains ahead.
Bitcoin is up by nearly 10% from its 100-day simple moving average at $62,681. Hence, ensuring that the cryptocurrency has established strong support just above the $60k level. This could allow it to make a move higher over the next few hours.

BTC could rally higher in the coming hours as the bulls seem to be in control since the start of the fourth quarter. After surpassing the $68k mark, BTC could make a move for the first resistance level at $69,100 over the next few hours.
In the event of an extended rally, BTC could top the $70k for the first time in its history later today. BTC will need the support of the broader cryptocurrency market if it aims to reach $72k in a few hours.
However, Bitcoin’s price might still retrace after rallying for the past few days. In this scenario, the bulls would be forced to defend the support level at $67,500. Unless there is an extended sell-off in the market, BTC should comfortably defend the $66,900 support level in the short term.
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.

source

Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Internet Computer provided returns of 35% last week

Next Post

Ripple price analysis: Could XRP attempt a fresh rally to $2?

Related Posts