Bitcoin soared past the $66 price zone yesterday, overcoming significant levels of resistance and signaling a surprising recovery in its capitalization. This bullish trend has left many wondering if a new all-time high is on the horizon for the popular cryptocurrency.
On Wednesday, Bitcoin (BTC) reached a new high, trading at an impressive $66,400. This surge came shortly after the release of April’s Consumer Price Index (CPI) data, which indicated a relief in inflationary pressures. Today, Bitcoin continues to strive for stability, maintaining a price around $66,000.
An analysis conducted by the IntoTheBlock platform has shed light on Bitcoin’s current price action, highlighting its ability to overcome crucial resistance zones. “Bitcoin has surpassed significant on-chain resistance levels with its breakthrough above $66K. The lack of selling pressure during this rally demonstrates the market’s confidence in BTC. Could a new all-time high be on the horizon?” the analysis emphasized.
Bitcoin has indeed conquered substantial on-chain resistance levels with its climb past $66,000. The fact that there has been minimal selling during this upward movement showcases the market’s unwavering faith in BTC. Is it possible that a new all-time high is just around the corner?
The highest price ever paid for a Bitcoin (BTC) was $73,737.94, recorded just two months ago on March 14. Comparatively, the current price is 10.37% lower than this historical peak.
As of the time of publication, the price of Bitcoin stands at $66,207.76, representing a 2.8% increase in the last 24 hours. During this period, the cryptocurrency has recorded a trading volume of $34,296,911,806. Over the past seven days, BTC has seen an 8.2% increase in its price.
According to an analysis by a seasoned trader, Bitcoin’s price has displayed promising behavior after deviating below the minimum range. “After dipping below the range low, the price has bounced back, touched resistance, and is now returning to an interesting support zone. This could be a sign of the first higher low forming,” the expert explained.
The trader also noted strong demand between $59 and $61, with indicators mostly optimistic, suggesting a potential recovery. They further mentioned, “If BTC breaks the $65,000 resistance, I would be looking at $68,000 to $69,000 as the first target and $74,000 to $75,000 as the second target.”
Disclaimer: The views and opinions expressed in this article, including those of the author and any individuals mentioned, are purely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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