Key Findings: BTC Technical Analysis
- Bitcoin keeps testing the $70K level despite falling sharply from the key resistance recently.
- If BTC fails to exceed the current resistance, we might see the price pulling back to $64K.
- $74.5K and $80K levels are the next possible targets if the market extends the ongoing bullish trend.
Bitcoin Technical Analysis – BTC Daily Chart
Bitcoin’s (BTC) price soared north on Friday at about 15:30 GMT, surpassing its previous high of $69,329 to establish a record high of $69,990 on the Binance exchange. Following the top, there was a fast decline, most likely due to triggered sell orders.
Despite the fast rejection of $70K, more upside gains remain possible as the BTC price pushes toward the barrier.
Momentum continues to climb, as evidenced by the rising Relative Strength Index (RSI) and the volume indicator’s growing histogram bars. This trend is only becoming stronger. Increased buying pressure might push the Bitcoin price back above $70,000. A decisive rise over this level will pave the path for further gains.
Technically, Bitcoin price still has room for a pullback and retest the critical support near $64K before rebounding for another bullish move, targeting major pivot levels near $74.5K and $80K.
See Related: Bitcoin And Ethereum Technical Analysis
Key Findings: ETH Technical Analysis
- Ethereum reached a record high of $4,011 on Binance before the planned Dencun upgrade.
- A break of the current support at $3,840 might cause the price to retest the $3.5K —$3.6K zone.
- We may see ETH hitting the upcoming resistances at $4,161 and $4,385 if the price manages to hold above the $4K level.
Ethereum Technical Analysis – ETH Daily Chart
Ethereum’s price reached a record-high level of $4,012 for the very first time until late December 2021, signaling a major turning point for the altcoin before its crucial upgrade. Ethereum holders eagerly anticipate the impending Dencun update, the most major improvement since the altcoin’s transition to Proof-of-Stake.
A daily candlestick closure beneath the 38.2% Fibonacci level of Ethereum’s rise to its 2024 high, at $3,307, may disprove the bullish argument for ETH. If the altcoin experiences a correction, it may find support near the psychologically significant $3,000 level.
For a bullish outlook, a break of the current resistance at $4,020 will push the price to hit the weekly pivots near $4,161 and $4,385 levels.
