Following a remarkable surge that propelled Bitcoin to an all-time high of $73K, the price encountered significant selling pressure, resulting in a rejection.
A comprehensive analysis of the daily chart reveals that Bitcoin’s impressive rally led to the breach of a significant resistance zone marked by its previous all-time high of $70K, ultimately reaching a new peak at $73K. However, intensified selling pressure emerged, likely as participants sought to capitalize on their profits.
It’s important to note that the price entering the $70K – $80K range introduces the potential for increased volatility, with profit-taking likely to exert selling pressure and possibly initiate a temporary consolidation phase.A closer examination of the 4-hour chart depicts Bitcoin’s significant rally persisting after a pullback to the upper trendline of the broken ascending channel, indicating ongoing demand in the market.
Moreover, a prolonged bearish divergence between the price and the RSI indicator had already indicated the potential for a temporary correction in Bitcoin’s price. Nonetheless, the price has now reached a critical support region at the upper boundary of the ascending channel, where it may find support and arrest the downtrend. However, caution is warranted, as a breach below this critical level could lead to an extended downtrend toward the $60K price range.
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