BITCOIN PRICE ANALYSIS & PREDICTION (April 22) – BTC Brews For Post-Halving Bull Run As Potential Breakout Lies Ahead

2024-4-23 21:19

Bitcoin’s BTC fear and greed index now stands at 62 following recent bullish sentiment surrounding the market. Its dominance level increased by 2% since last week and the price entered a new trading range today.

As expected, Bitcoin’s landscape is slowly changing on the daily chart since the price bounced off a two-month low last week. It faced some rejections on the way up but managed to close that week indecisively above the $65,000 level.

Buying volume increased today and the price entered the $66,000 range, approaching a weekly resistance. A daily close above this resistance could bring a retest to a key breakdown level before scaling through.

A strong rejection there might lieur the bears in the market until the bulls intercept. If they fail, the price may dip lower to test the white ascending trendline, that has been serving as diagonal support since mid-February.

But from the look of things, the recent low might be the last test area for Bitcoin’s bears as they fade. They may completely lose control soon. 

Aside from an increase in the volume level, which mostly triggers price movement, the post-halving sentiment is another major indicator of the latest price surge. We can expect a bigger bullish rally in the future.

Bitcoin’s Key Levels To Watch Source: Tradingview

In the meantime, the minor $66,867 resistance might serve as an obstacle for Bitcoin in the next few hours before testing the $69,000 and $71,800 this week. It may witness an explosion if the price flips the previous high of $73,777.

It is sitting on a daily support of $64,500. If the price drops below it, there’s a minor support at $63,000, followed by $60,775 and $59,000.

Key Resistance Levels: $66,867, $69,000, $71,800

Key Support Levels: $64,500, $60,775, $59,000

Spot Price: $66,247 Trend: Bullish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: releon003/123RF // Image Effects by Colorcinch

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