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27 March 2024 | FXGT.com

Bitcoin Technical Overview

  • Bitcoin’s Impressive Recovery: Bitcoin has experienced a significant surge, increasing by almost 14% over the past week. This upward trend marks a significant turnaround following the recent correction from all-time highs, with strong support now established above the $60,000 level.
  • Bullish Momentum Revived: A notable break above the prior resistance level at $68,000 has restored bullish momentum suggesting a trend continuation. This is supported by the bullish alignment of key moving averages across timeframes, indicating sustained bullish pressure.
  • Market Volatility Surges: The Average True Range (ATR) has hit a multi-month peak, crossing the $4,000 mark, indicating increased market volatility. Technical indicators continue to point to overbought conditions on the weekly and monthly charts, although such scenarios are not uncommon during periods of price discovery as the trend reaches new highs.
  • Next Targets in Sight: The next challenge for Bitcoin lies in surpassing the all-time high reached in mid-March. A successful breach above the $73,700 resistance would set the stage for an advance towards the $85,000 mark.
  • Support Levels to Watch: The recent correction’s low at $61,000 is now outlined as a strong support base, defending the continuation of the bullish trend on the daily chart. The $68,000 level now acts as immediate support for any short-term retracements.
  • Implications of a Pullback: A retracement below $68,000 would mark the first signs of weakness in bullish momentum. However, a significant trend reversal would only be considered if the price were to drop below the crucial support zone at $61,000.
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