Bitcoin's Bullish Pathway to New Highs
Technical Analysis:
Bitcoin (BTC/USDT) continues to maintain a bullish structure as it stays above the Bullish Ribbon. This indicator shows a strong upward momentum, with the price maintaining higher lows and bouncing off key support levels. The recent breakout above 65,000 has further solidified this bullish stance, making it an essential support level that the price needs to hold to maintain upward momentum.
Key Levels and Potential Targets:
The next major resistance lies at the 73,000 level, which, if broken, could pave the way for a more substantial rally towards Fibonacci extension targets at 84,000 and 106,000. These levels align with historical price action and projected extensions, which could serve as major areas of profit-taking for bulls.
TSI Indicator and Momentum:
The True Strength Indicator (TSI) is above the zero level, reinforcing the bullish outlook. Higher lows on the TSI confirm sustained buying pressure, adding confidence to the current upward trajectory. As long as TSI remains above zero, the bullish momentum is likely to continue, supporting potential moves toward the next resistance levels.
Outlook:
Bitcoin is showing clear bullish signals across multiple indicators, and the trend remains positive as long as the price holds above 65,000. With the Bullish Ribbon and TSI both signaling strength, the path to 73,000 and potentially higher levels remains open, as long as bulls defend key support zones.
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