Bitcoin’s volume increased today after a failed attempt to break higher last weekend. Its parabolic movement remains valid on the daily chart but it seems to be nearing an overbought region on the short-term perspective. 

Last week was another remarkable milestone for Bitcoin as it surpassed the crucial $69k level – the previous all-time high – to print a new one at $71.7k a few minutes ago. 

A quick rejection from this high brought a temporal halt in buying and the trading volatility dropped a bit. Although, it attempted to break higher last weekend, but the volume inflow was not enough to sustain the momentum. 

Meanwhile, this slight breakup came after crashing suddenly below $60k, taking out several stop losses and at the same time liquidating millions of dollars of short positions in the futures market. That crash provided a big discount and buying opportunity on the spot trading. 

The last 24-hour recovery from the $67k level enhanced volume and the price surged to near $72k a few hours ago. If the demand level continues to increase, Bitcoin will likely paint more greens. 

Failure to break higher could lead to a brief consolidation phase before deciding on the next direction. Losing the $70k level may facilitate a slight drop before bouncing back.

There’s no major resistance level for Bitcoin at the moment. If Bitcoin climbs above the $72k level, the next level to consider for resistance is $75k, followed by $78k. The key level to watch next would be $80k 

The $70k and $69k levels are currently held as support. A strong daily close below these supports may dip the price to $67k and perhaps $64k. 

Key Resistance Levels: $72,00, $75,000, $78,000

Key Support Levels: $69,000, $67,000, $64,000

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: tzido/123RF // Image Effects by Colorcinch

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