Bitcoin (BTC) bullish monthly close augurs continuation of upward trend

Following a robust increase over the weekend, bitcoin successfully finished its trade above the crucial resistance level of $69,000. However, on Monday’s early trading session, bitcoin briefly touched this support level again. Now, there are two possibilities: will bitcoin continue climbing to challenge the high at $73,800 or will it fail to hold the support and dip below?

Bitcoin experienced a significant increase on Sunday, reaching levels above $69,000, which marked a positive end to both the weekly and monthly charts. However, the price encountered resistance at around $71,300 and subsequently dropped back down towards the $69,000 mark, serving as support for now.

Bitcoin in a range

From the 4-hour chart displayed above, Bitcoin (BTC) is currently trading between its recent low of $69,000 and high of $71,300. A breach of either level could provide a clue about Bitcoin’s direction in the immediate future.

Based on the robust finish of Bitcoin’s price in March, it seems increasingly probable that Bitcoin will attempt to reach its previous record high of $73,800 once more.

Trend line respected

At a daily perspective, the situation becomes clearer: Distinct resistance and support levels have emerged, with the trendline established roughly two weeks ago remaining intact – as long as prices don’t dip below current levels. However, there’s a potential 4-hour price drop beneath this trendline, so short-term traders should exercise caution.

New all-time high on horizon

On the monthly chart, you can get a clear and unobstructed perspective of Bitcoin’s ($BTC) price trend. This looks quite promising for the leading cryptocurrency. The recent bounce back to $69,000 serves as a solid support level for further price growth. If the price were to decline below this point, there is robust support ready to cushion the fall at around $61,000.

On Tuesdays, there’s a good chance that bitcoin may attempt to surmount the $71,300 resistance level again. If it manages to do so successfully, we can look forward to reaching a new record-breaking price shortly after.

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2024-04-01 13:09