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The cryptocurrency market continues to be dominated by the Bitcoin trend. Accordingly, Bitcoin managed to rise to the $69,000 level at the time of writing. The optimistic period in ETF funds and the positive expectations for the halving event have enabled Bitcoin’s price to reach the $69,000 level. So, what should be considered during this process? Let’s examine together.
Bitcoin Chart Analysis
The four-hour Bitcoin chart highlights a rising channel formation. According to this, in the short term, particularly in the futures market, a potential breakout could determine a long-term direction for Bitcoin. The last bar formation, supported by the EMA 9 (blue line), suggests a positive scenario for Bitcoin.
The most important support levels to watch on the four-hour Bitcoin chart are; $67,685 / $66,637 and $65,350, respectively. Especially a four-hour bar close below the $66,637 level, which intersects with the EMA 9, could lead to a loss of momentum in Bitcoin’s price. Conversely, if this does not occur, Bitcoin could embark on a journey towards new all-time high levels after the $69,000 mark.
