CandleFocus BTC Price Analysis: Is Bitcoin Targeting $70K in the Short Term?
2024-09-28
Author: Content Editor
Bitcoin's price has successfully broken above the $64K level and the 200-day moving average on the daily chart. With the RSI signaling a bullish momentum, the cryptocurrency is likely to continue its uptrend towards the $68K resistance zone. A correction is possible, but the 200-day moving average should provide support. On the 4-hour timeframe, Bitcoin has been creating higher highs and lows, forming a trendline that has been supporting the market for weeks. If this trend remains intact, it is expected that the market will reach the $68K level. However, if the trendline is broken, a pullback to the $60K level is possible. Short-term holders have been selling their coins during the recent price consolidation and correction, but with the recent price rally, they are now realizing profits. This behavior is typical in bull markets, but if demand doesn't meet the selling pressure, the price could drop lower again.
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