The post Are Bulls Gearing Up for a Breakout Above $68,000 or Just Fizzling Out? appeared on BitcoinEthereumNews.com.

Bitcoin is currently approaching an important area of resistance. While the price has been showing a short-term upward trend, this move is still within the larger bearish trend. According to analyst Josh of Crypto World, for Bitcoin to transition into a long-term bullish trend, it needs to break above the $68,000 resistance level. Until that happens, we could be seeing just another brief rally within the broader bear market. Here’s a breakdown of the analysis:  Short-Term Trends vs. Long-Term Outlook Over the past six months, Bitcoin has shown several short-term bullish movements that didn’t translate into sustained rallies. Many of these upward movements fizzled out within weeks, failing to break the overarching bearish trend. The analyst said that for Bitcoin to truly shift into a long-term bullish phase, it must first break above the $68,000 mark. A breakout here could signal a much longer bullish trend, potentially lasting months instead of weeks. Key Levels to Watch For now, Bitcoin faces resistance around $64,000–$64,500. If it breaks this level with strong confirmation (such as multiple daily candle closes), it would signal a significant bullish move, possibly eliminating the risk of a hidden bearish divergence that’s been lurking in the charts. However, if Bitcoin fails to break this level, it could confirm a bearish divergence, leading to a potential price drop. What’s Next for Bitcoin? In the short term, Bitcoin’s trend remains bullish, but this moment is crucial. If it fails to break past the key resistance levels, a pullback is likely. Support levels to watch are around $63,000, with further support at $61,900 and a major support zone between $60,200 and $61,200. At the time of writing, Bitcoin is trading slightly above the $63,000 mark, down more than one percent in the last 24 hours. Source: https://coinpedia.org/news/bitcoin-price-prediction-is-bitcoin-gearing-up-for-a-breakout-above-68000-or-just-fizzling-out/

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Filed under: News - @ September 24, 2024 8:25 am