Bitcoin Price Surge: Following the last couple of months of downward pressure, Bitcoin’s price is now showing signs of recovery, increasing almost 10% over the past week. The $60,000 level, tested and rejected over the past week, is now demonstrating strong support and acting as a medium-term bottom.
Breakthrough Above $65,500 Signals Bullish Reversal: A significant development is the strong follow-through after breaking above the previously outlined resistance level at $65,500. This break is seen as a strong bullish signal, indicating a reversal pattern on the daily timeframe. Bitcoin has created a higher high and higher low following the recent low reached at $56,700.
Bullish Technical Indicators: The price has moved above the key 45-day exponential moving average channel, signaling an upward trajectory. Additionally, Bitcoin has closed two daily candles above the previous downward trend channel, reversing the downward price structure evident since mid-March. The weekly chart also shows bullish momentum, with last week’s bullish candlestick having the largest body since early March.
Psychological Resistance Ahead: The next milestone in the newly formed uptrend is the psychological level of $70,000. Behavior at this level will indicate whether there is enough momentum to immediately continue towards all-time highs or if resistance could trigger a top and prompt a retest of the significant support level.
$65,000 Level Defending the Uptrend: The bullish sentiment is conditional on the price remaining above the previous resistance-turned-support at $65,000; a move below this level could cancel the bullish effects, return the market to the previous consolidation range, and signal a neutral market sentiment.
Ethereum ETF Decision & Nvidia’s Earnings: This week is pivotal for Bitcoin and altcoins as the U.S. Securities and Exchange Commission’s decision on Ethereum ETF applications and Nvidia’s earnings report could significantly impact market volatility and attract attention, particularly in ETH-based and AI coins.
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