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23 April 2024 | FXGT.com

Bitcoin Technical overview – 60,000$ Support Level Maintains Uptrend

Bitcoin’s Recent Performance: Bitcoin has experienced a 5% increase over the past week, coinciding with the much-anticipated halving event, historically known to impact its market value significantly.

Historical Patterns After Halving: Bitcoin typically shows a consolidation period post-halving before beginning a significant rally. This pattern has been consistent in previous cycles, where major price movements occurred several months after the halving event.

Key Support Tested: Geopolitical tensions in the Middle East have prompted Bitcoin to test the $60,000 support level twice in the past week. The rejection of this level has formed a notable double bottom pattern above the critical threshold, signaling a bullish reversal in the short term.

Sideways Consolidation: Despite the recent rebound, Bitcoin remains in a sideways consolidation phase, with medium-term momentum in a neutral state. A breakout above $68,000 would be necessary to accelerate bullish momentum, and potentially set the stage for an approach towards all-time highs.

Key Levels in Focus: Attention remains firmly on price behavior at the $60,000 support and $68,000 resistance levels. While the price remains above $60,000, the likelihood of continuing the bullish trend after the current consolidation phase is high. Conversely, a drop below this level would signal a trend reversal, significantly altering market dynamics and shifting the medium-term outlook to bearish.

BTC Daily Chart

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