June 13, 2024

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Analysis: Bitcoin breaches the price of $67,000, so what’s next?  -Blox

Analysis: Bitcoin breaches the price of $67,000, so what’s next? -Blox

Bitcoin finally regained its price of $67,000. This means that the currency is raising its head above an important price level. The only question now is: will this remain the case? To do this, we will first look at the daily chart.

How is Bitcoin?

In the image below, each candle represents 24 hours, which gives us a good idea of ​​the Bitcoin price. In addition, we see the red zone, which is the most important level for Bitcoin price, along with some orange brackets that we will come to later.

We start with the red zone, which lies between prices of $62,000 and $67,000. This is a price level that has often proven important in the past. Usually when the price breaks this level, it is a harbinger for the rest of the price. If the currency rises, it will have another positive continuation, but the opposite is true when the price breaks the bottom of this level.

Sometimes there may be an exception as we saw recently with Bitcoin. For this we need to look at the chart above. Orange curves are drawn to indicate the current trend of BTC. The currency is forming lower lows, lower lows, lower highs and lower lows. So Bitcoin was likely to fall further if it lost its red zone as support.

Will the currency break out of its downtrend?

Fortunately, this decline was limited and the currency returned to the red zone. Since then, it seems that the currency is trying to overcome its downward trend. A combination of a break above this red area could provide a good follow-through.

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The fact that there is resistance around the $67,000 level is even more evident when we look at the 4-hour chart. Here each candle represents 4 hours. The currency has tried to get past this before, but to no avail so far.

So it remains to be seen what Bitcoin will do next. As long as the coin does not convincingly rise above $67,000, the coin could have a tough time. However, there is now a greater chance – especially with the second attempt – that the coin will break its downtrend. If that’s the case, we can still have a good time. On the 4-hour chart, the currency is already in an uptrend with higher highs and higher lows.