Bitcoin Trades Above Support

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Bitcoin Trades Above Support

Bitcoin Trades Above $61k, Forecast Shows Another 5% Rise

Bitcoin (BTC) is seen trading just below the $64,000 resistance level as the number of active addresses has hit a new high. Bitcoin (BTC) appears to be enjoying the inflows coming from the Bitcoin ETFs as a new wave of investors are now joining the crypto market.

While the inflows from the BTC ETFs are positive, there is also a piece of negative news that has offset it. The German government has reportedly transferred around 1500 BTC, which has led to a minor correction in spot prices.

Bitcoin (Btc) Faces Resistance At $64,000

The technical chart of Bitcoin (BTC) shows that it has already broken out of the wedge pattern with bullish momentum. However, the $64,000 resistance remains a key roadblock, and the current momentum isn't strong enough to push it through.

But if Bitcoin (BTC) can manage to close above $64,000, it will mean around 5% more upside in the spot prices and will allow it to test the $67147 resistance.

look at the indicators on the D1 chart shows that the AO and RSI oscillators are still below the 0 and 50 levels, respectively. So if the bullish momentum is indeed coming back to Bitcoin (BTC), then these two indicators also need to move into the bullish territory.

And if the bullish momentum is aggressive and the market outlook remains positive, there's a good chance that Bitcoin (BTC) will even target the $71,280 level.

Another scenario is that the bears take control and send the Bitcoin (BTC) under $58275. In that case, a 3% decline will be seen in the spot Bitcoin (BTC) prices, which could send it towards the $56522.

Either way, the overall sentiment of the crypto market will remain the key, and let's not forget that rate decisions from the Fed will also play a key role in the Bitcoin (BTC) prices. If we get any hint that there will be no rate cuts in 2024, it would weigh heavily on the Bitcoin (BTC).

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