The price of Bitcoin (BTC) recently reached a higher high, but has not yet surpassed the high (ATH) of around $73,800.
Over the past week, BTC has seen an increase from around $64,500 to around $72,750 before experiencing another drop yesterday.
Bitcoin rallies: a notable gain of 12.7% over seven days
After reaching a local low of around $64,500, BTC experienced a significant rally, resulting in a price increase of around 12.7%. Since yesterday, however, the BTC price has bounced back, bringing it back to the golden ratio at around $68,850.
At this level, BTC can find support and possibly bounce upwards. Should the price break below this Fibonacci level in a bearish fashion, the next significant Fibonacci supports are expected to be around $60,314 and $51,900.
In addition, in the daily chart, the MACD lines have crossed bearishly, and the MACD histogram has declined in a bearish fashion since yesterday. Meanwhile, the Relative Strength Index (RSI) is in neutral territory, indicating neither bullish nor bearish signals at the moment.
Bitcoin 4H Outlook: Indicators Suggest a Near-Term Downturn
In the 4-hour (4H) chart, Bitcoin’s price action is bearish, with the MACD histogram trending downward and the MACD lines crossing bearish. At the same time, the relative strength index (RSI) oscillates in neutral territory, indicating neither strong bullish nor bearish sentiments.
Read more: What happened at the last Bitcoin halving? Predictions for 2024
Importantly, BTC’s further development depends on whether the golden ratio support level of around $69,000 can effectively serve as a floor for price action. This level is a crucial point, as a successful rejection of this support could signal renewed bullish momentum for BTC, possibly paving the way for further upward movement.
Conversely, a breach below this support level could lead to additional downward pressure, with the next significant support zones coming into play around $60,314 and $51,900.
Weekly Bitcoin Analysis: MACD Histogram is falling, indicating a bearish trend
In the weekly chart, Bitcoin’s price dynamics show a mixed signal, with the histogram of the moving average convergence divergence (MACD) indicator starting to trend lower in a bearish manner since the previous week. Despite this, the MACD lines remain crossed in a bullish configuration.
Moreover, the RSI is currently located in overbought regions, although it is approaching neutral territory. In the event of a moderate correction, BTC could find significant Fibonacci support around the $51,800 level.
A potential bounce from this support zone could signal a resumption of the uptrend for BTC as investors and traders assess market sentiment and price action for indications of renewed bullish momentum.
Bitcoin’s monthly chart: still no signs of a bearish turn
The monthly chart shows that BTC price dynamics do not have bearish signals according to the indicators. Despite the RSI residing in slightly overbought territory, other metrics indicate a bullish bias.
The MACD histogram continues to trend upwards, indicating positive momentum, while the MACD lines maintain a bullish crossover configuration. This indicates continued strength in market sentiment.
Overall, the bullish trajectory remains intact, dependent on BTC maintaining its position above the critical golden ratio support level, located around $37,000. This support zone is a crucial determinant of the longevity of the prevailing uptrend in Bitcoin’s price movement.
Bitcoin’s market grip strengthens within upward parallel channel
Bitcoin dominance is trending within a parallel upward channel, indicating its resilience in the market. The next notable Fibonacci resistance level stands at around 60.5%.
Read more: Bitcoin Price Prediction 2024/2025/2030
BTC dominance finds significant support zones at around 49% and 45%, demarcating important levels where market sentiment can change. In addition, the MACD histogram in the weekly chart shows signs of bullish momentum, with a bullish uptick observed.
Furthermore, there is a potential looming bullish crossover of the MACD lines, indicating further strength in Bitcoin dominance. However, it is worth noting that the RSI is currently in neutral territory, which poses a risk of establishing a bearish divergence if not monitored closely.
Disclaimer
In accordance with the Trust Project Guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimers have been updated.
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