Bitcoin’s price has been consolidating since early March, failing to continue its uptrend. Yet, the cryptocurrency might soon get back on track and create a new all-time high.
Yet, the level has held and initiated a rebound. The market is now expected to potentially retest $68K – an important resistance. On the other hand, if things go wrong and the price drops below $60K, the $48K-$52K area would be a probable target in the coming weeks.Looking at the 4-hour timeframe, it is evident that the BTC price has been creating a descending channel above the $60K zone.
Bitcoin’s consolidation over the recent weeks has caused many investors to panic. Some assume the bull market is over and BTC is topping out, while other holders view the recent correction as a buying opportunity.
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