In the crypto market, the momentum of the rise led by Bitcoin continues to increase day by day. In recent weeks, outflows from spot Bitcoin ETF funds and US macroeconomic data have triggered short-term declines, and during this period, investors in the futures market faced significant losses. So, what can be expected on the Bitcoin front in the coming period? Let’s examine together.
Bitcoin Chart Analysis
The first notable formation structure in the four-hour Bitcoin chart analysis is the rising channel formation. In this chart structure, while Bitcoin refreshed its all-time high levels, it could not break the resistance line, which led to a correction in the price. However, Bitcoin, finding support from the support line and the EMA 200 (red line) level, managed to rise again. The direction of the breakout for Bitcoin, which is squeezed in a narrow area, will determine the trend direction.
The most important support levels to follow for Bitcoin on the four-hour chart are, respectively; $69,625 / $68,601 and $67,672. Especially if a four-hour bar closes below the significant support level of $69,625, which has been important in the formation of recent bars, it will cause Bitcoin’s price to lose momentum.
The most important resistance levels to watch on the Bitcoin chart are, respectively; $70,706 / $71,634 and $72,617. Especially if a four-hour bar closes above the $70,706 level, which has been a significant barrier in the formation of recent bars, it will enable Bitcoin’s price to gain momentum.
Bitcoin Dominance Chart
Bitcoin dominance chart shows a narrowing wedge formation. The recent resistance breakout acting as a bull trap and the closing of the last bar below the EMA 200 level on the four-hour chart once again indicates that investors are turning to altcoin projects instead of Bitcoin.
The support levels to follow on the Bitcoin dominance chart are, respectively; 53.52 / 53.34 and 53.13. Particularly, a four-hour chart close below the 53.13 level, which intersects with the formation support line, could lead to Bitcoin losing value compared to altcoin projects and losing investor interest.
The important resistance levels on the Bitcoin dominance chart are, respectively; 53.80 / 54.10 and 54.35. During this process, especially a four-hour bar close above the 53.80 level, which intersects with the EMA 200 level, will strengthen Bitcoin compared to the altcoin market and attract investor interest.
