Bitcoin is gaining ground: Is a return above $70,000 possible?

Bitcoin’s price is experiencing a significant resurgence, appreciating nearly 10% from its recent low of $60,800. However, key resistances stand in the way of a BTC return above $70,000. Let’s analyze the market outlook.

An Encouraging Recovery for Bitcoin

Bitcoin has begun an impressive recovery from the support zone at $60,800, breaking through several resistance levels including that of $64,000. This rise has enabled BTC to surpass the 100-hour moving average as well as the 76.4% Fibonacci retracement level of the recent decline.

This bullish dynamic is also reflected in the hourly MACD, which is gaining ground in the positive zone, and the hourly RSI, now moving above 60. These technical indicators suggest a growing bullish momentum that could support a continuation of the rise.

Nevertheless, bitcoin faces a major resistance at the $68,800 zone. A clear breach of this threshold would open the path to a test of $70,000 and potentially $72,500. However, caution is advised until BTC has confirmed its return above $68,800.

Downside Risks to Monitor Despite Optimism

Despite the recent recovery, the bitcoin market is not immune to a bearish reversal if it fails to clear the $68,800 level. A fallback under $66,800 would call into question the short-term bullish trend.

The key supports to watch in the event of a correction are at $65,500 and then $64,800. An inability to hold these levels could lead to a retracement towards $63,000 or even $62,500 in the short term. Investors should therefore manage their risk carefully.

The upcoming days will be crucial to assess the strength of this rebound. Industry news, the evolution of on-chain indicators, and the overall market sentiment will be key elements to consider in order to anticipate the trajectory of bitcoin.

In summary, bitcoin is experiencing a significant bounce, but its short-term future will depend on its ability to break through the $68,800 barrier. If this resistance is broken, a return to all-time highs could be possible. Conversely, a failure at this juncture could pave the way for a deeper correction.