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Bitcoin continues to set new records. It is beneficial to question whether the upward momentum of BTC will be decisive as it continues to rise. The cryptocurrency markets have shown remarkable performance in recent days. Bitcoin remains above the $70,000 resistance level. However, to determine if this rise is sustainable, it is necessary to consider some key levels.
How Much Is Bitcoin Worth Now?
While Bitcoin is breaking new records, it is currently trading above $73,300. BTC is also above the 100-hour Simple Moving Average. This indicates a relatively positive short-term outlook.
Currently, there are some positive signs in technical indicators. For example, the hourly MACD is gaining momentum in the bullish zone, and the Relative Strength Index (RSI) is above the 50 level for BTC/USD. However, we always say that these indicators alone are not sufficient. Market sentiment and investor behavior can be decisive.
Although Bitcoin reaching a new all-time high is noteworthy, investors should keep in mind that corrections and pullbacks are inevitable. In this context, the $71,300 support level is significant. A downward movement from this point, as in yesterday’s example, could trigger a move below the $69,000 level. However, in the case of a stronger pullback, special attention should be paid to the main $70,000 support level.
Will Bitcoin Rise Further?
It is certainly not easy to answer this question. For the next move in the cryptocurrency Bitcoin, it seems that the $73,700 resistance area needs to be breached. This level could be a critical breaking point for the price to gain momentum towards higher levels. However, if this resistance cannot be overcome, a downward correction is possible, and a retreat to the main $70,000 support level could be likely.
The short-term performance of Bitcoin seems to depend on surpassing certain levels. Breaking above the $73,650 peak may indicate more upside potential, while a drop below the $72,000 support level could lead to a correction. For Bitcoin, the flagship of cryptocurrencies, maintaining above the $74,000 level in the next phase could propel the price to $80,000 and higher levels.
