Bitcoin increased by over 8% last week, indicating that lower levels continue to attract buyers. Typically, in a range, investors buy near support and sell near resistance. This suggests the price could reach the peak of the $73,777 range, but overcoming this barrier may be challenging. Analysts are divided on Bitcoin’s next directional move.
What Awaits the Crypto Market?
Some believe the correction is over and Bitcoin will reach an all-time high, while others expect Bitcoin to retest the $60,000 support and go lower. Predicting the direction of a breakout from a specific range is difficult. Therefore, it may be prudent to wait for the price to start a new trend before forming large trading positions.
As Bitcoin strengthens, investors may turn to altcoin projects for short-term trading opportunities. Although a full-fledged altcoin season has not yet arrived, certain altcoin projects are likely to offer trading opportunities.
Bitcoin Chart Analysis
Bitcoin faces resistance around $68,000, but the fact that bulls are not giving in to bears is a positive sign. This development indicates that bulls are maintaining their positions while expecting a higher move.
The 20-day exponential moving average has started to rise, and the relative strength index (RSI) is in the positive zone, indicating that the path of least resistance is upward. If the $68,000 level is surpassed, the BTC/USDT pair could retest the formidable overall resistance at $73,777. Bears will need to quickly pull the price below the moving averages to prevent the rise. If they succeed, the pair could drop to $59,600 and then to the intraday low of $56,552 on May 1.
In the 4-hour chart, both moving averages are rising, and the RSI is in the positive zone, indicating that bulls are in control. The critical support to watch on the downside is the 20 EMA. If the price rebounds from this level, it will increase the likelihood of breaking above $68,000. Conversely, if the price falls below the 20 EMA, it will signal weakening bullish momentum. The pair could slide to the 50 simple moving average and then to the support near $59,600.
