The post Indicators Suggest a Temporary Pause Before Next Rally; When Will Bitcoin Reach $68K? appeared on BitcoinEthereumNews.com.

Bitcoin is currently in a short-term bullish trend, but it is approaching a critical area of resistance as it becomes overbought on shorter timeframes. According to analyst Josh of Crypto World, the Super Trend indicator remains red. Bitcoin’s price is still following a larger bearish trend, and despite some bullish action in the short term, a true bullish reversal has not been confirmed yet. Signs of a Reversal:  The analyst said that Bitcoin has shown some early signs of a reversal, like forming higher lows on the candle wicks, but more is needed to instill confidence in a long-term bullish trend. A breakout above the $68,000 resistance level would signal a potential shift, but until then, the short-term bullish trend could just be a brief surge within a larger bearish framework, as has been seen several times over the past half-year. Bitcoin Nears Resistance: Key Levels to Watch Recently, Bitcoin broke through a previous area of resistance, which now serves as new support between $60.2k and $61.2k. However, Bitcoin is facing resistance in the $64.1k to $64.5k range, and over the past day, it has struggled to break through. If Bitcoin manages a confirmed breakout with a daily close above this level, the next major resistance would be in the $67k to $68k range. This level is expected to act as strong resistance based on past price action and the volume profile indicator. In case of a short-term pullback, Bitcoin could find support around $63k, with major support sitting between $60k and $61k. The short-term trend remains bullish, but the price may experience rejections at key resistance points before continuing its upward trajectory. Bitcoin’s Overbought RSI: A Pause Before Further Gains? On the four-hour chart, Bitcoin’s Relative Strength Index (RSI) recently entered overbought territory, signaling that the price may be…

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Filed under: News - @ September 22, 2024 5:00 am