Experts have observed a significant shift in Bitcoin’s market signals, with a crucial indicator on the verge of transitioning from red to green. This transformation indicates the potential for a substantial bullish trend to emerge.
According to analyst Josh from Crypto World, the super trend indicator is nearing a shift back to green territory. Historically, this shift marks the beginning of a major bull market, as evidenced in previous uptrends. To officially switch to green, Bitcoin must surpass a critical resistance level of approximately $68,900. Ideally, a close above $69,000 with a confirmed 3-day candle would confirm this shift.
Breaking Resistance
As long as Bitcoin maintains levels above $66,000, the outlook remains optimistic. This level has previously served as a robust support base. Currently, Bitcoin is trading above a resistance range of $66,700 to $68,300. While this breakout is promising, it is imperative to validate it with a daily candle close above this range.
If successful, this range would establish a new support level, facilitating Bitcoin’s upward momentum. Notably, key resistance lies between $72,000 and $73,000. Surpassing this zone could lead to new all-time highs and a substantial price discovery phase for Bitcoin.
Target Prices
A confirmed breakout could propel Bitcoin towards a technical price target of around $80,000. While caution is advised regarding potential short-term corrections, the long-term bullish outlook remains robust as long as BTC holds above $66,000.
Temporary Consolidation
Presently, Bitcoin is experiencing a minor cooling-off period, a necessary phase to reset the RSI on smaller time frames and create space for future upward movements. The recent pullback, albeit minor, attracts short positions, increasing liquidity that could fuel forthcoming upward trends.
