Bitcoin Poised for Rapid Recovery
Updated
Bitcoin's swift resurgence comes as no surprise, given the impressive speed observed across various timeframes where the price surged relentlessly, rendering trend lines seemingly impossible to draw.
The target for price speculators this week is to surpass the resistance around the $70,800 mark to sustain the upward trend in the medium and long term. Potential resistance zones to note include psychological barriers like $68,000 as prices establish unprecedented levels.
However, the significant increase in volume over the past few weeks is also noteworthy. It indicates that whales are profit-taking around the highest price levels after a period of accumulation, especially with the first week of 2024 nearing its end.
The target for price speculators this week is to surpass the resistance around the $70,800 mark to sustain the upward trend in the medium and long term. Potential resistance zones to note include psychological barriers like $68,000 as prices establish unprecedented levels.
However, the significant increase in volume over the past few weeks is also noteworthy. It indicates that whales are profit-taking around the highest price levels after a period of accumulation, especially with the first week of 2024 nearing its end.
Note
Note
RSI goes up, selling pressure decreases, price is likely to turn upNote
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