Bitcoin price prediction: BTC soars to $63,375, with $70,000 in sight as buying intensifies

On the technical side, Bitcoin’s major price levels to watch include the pivot point at $61,651. Above this level, immediate resistance lies at $64,564, with further resistance at $67,084 and $69,356.

On the downside, the immediate support level is $59,164.should Bitcoin If we fall further, the next support levels to look at are $56,677 and $54,336.

Bitcoin’s recent movement on a 4-hour time frame indicates a bullish trend, indicated by the move above the 50-day exponential moving average (EMA) of $61,574, which previously served as resistance.

📈 #bitcoin continues its bullish trend and remains above the all-important $61,651 level. Note the resistance levels at $64,564, $67,084, and $69,356. Support starts at $59,164, with further levels at $56,677 and $54,336. The RSI is at 63, suggesting a strong buy. #CryptoTrading #Technical analysis pic.twitter.com/kaTZnzjdzK

— Arslan Ali (@forex_arslan) May 4, 2024

formation ofthree white soldiersThe candlestick pattern suggests that the bullish momentum is likely to continue. However, there is notable resistance around $63,200, and a descending channel could temporarily limit any upward movement.

If Bitcoin crosses this threshold, it could quickly approach the next resistance level at $64,564.

After a clear breakout of the double top pattern near $67,000, a further bullish breakout could push Bitcoin towards the higher resistance levels of $67,084 and even $70,000. The Relative Strength Index (RSI) currently stands at 63, confirming this optimistic outlook and indicating that bullish sentiment in the market is predominant.

Technical indicators:

• RSI: 63, indicating strong buying pressure.
• 50EMA: $61,574, currently acting as post-breakout support.

Considering these factors, Bitcoin market conditions remain favorable above the pivot point of $61,651. This level is very important. Sustaining above it suggests the possibility of a further rise towards the outlined resistance marker. Conversely, a decline below this pivot could trigger a significant decline, setting initial support at $59,164 and potentially even lower levels if bearish pressure intensifies.

Conclusion: Bitcoin could move higher if it breaks above the key mark of $61,651. Traders should monitor this level closely. A sustain above this level could lead to a test of higher resistance above $64,564.

However, a break below $61,651 could cause the market to reassess its bullish stance and Bitcoin could retreat towards lower support levels. The current technical setup highlights that Bitcoin is at a critical juncture for its near-term price trajectory.

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