Bitcoin’s wild ride continues as it breaks out of its previous limits, yet still struggles to surpass the elusive $69,000 mark. Will this be the catalyst for a downward spiral from its peak of $73,800, or can the mighty $BTC defy the odds and reach even greater heights with a new all-time high?
A Higher High Is Crucial
Despite a week of lackluster or even discouraging performance from Spot Bitcoin ETFs, the mighty $BTC defied the odds and broke free from its downward spiral over the weekend.
But the journey to the top is far from over for the king of cryptocurrencies. To solidify its reign, $BTC must reach a higher high. Failure to do so could result in a disappointing tumble from its throne at $73,800.
The 4-hour time frame is heating up as we witness a thrilling breakout of $BTC from its bullish channel. But hold on tight, because we are now facing a crucial moment as $67,000 resistance looms ahead. The stakes are high and the excitement is palpable.
Despite its recent gains, the price of $BTC has yet to reach a new peak. In order to achieve this, it must break through a formidable resistance. The momentum indicator, stochastic RSI, has already hit its peak and is now on the decline. This suggests that $BTC may retest its breakout before making any further upward movements.
The current price action of $BTC may be short term, but all eyes are on the stochastic RSI as it has the potential to push the value above $68,200.
Bearish Divergence On Weekly Time Frame
It’s clear that $BTC is facing a formidable opponent in the form of bearish divergence. Despite the price going up, the stochastic RSI is showing a lower high, signaling a potential downturn. And on the higher time frames, this divergence is even more concerning. If this trend continues, and it certainly seems like $BTC is starting to lose its momentum.
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A Healthier Bull Market
A potential market shift could result in a more robust and enduring bull run, potentially leading to even higher prices for $BTC in the future. Alternatively, we may see $BTC meandering in a horizontal pattern for an extended period, creating a solid foundation for the next exciting phase of the bullish trend.