Bitcoin hits all-time high at $ 64,896

After a long break, the Bitcoin price is gaining momentum again and jumping to a new all-time high on the day of the Coinbase stock exchange listing on the Nasdaq. However, its dominance cannot benefit from this bullish development.

Bitcoin (BTC): Bitcoin price jumps to new all-time high

BTC course: 64,282 USD (previous week: 56,578 USD)

Resistance / goals: $ 64,061, $ 66,150, $ 68,819, $ 69,760, $ 70,000, $ 73,176, $ 77,678, $ 80,224, $ 86,314, $ 89,982, $ 103,033, $ 113,101

Supports: $ 61,771, $ 61,220, $ 59,527, $ 56,867, $ 55,817, $ 54,077, $ 53,057, $ 51,307 / $ 50,893, $ 50,327, $ 49,423, $ 48,222, $ 47,070, $ 44,878, $ 42,972, $ 41,970, $ 40,407, $ 37,910, $ 36,904

Price analysis based on the value pair BTC / USD on Coinbase

The week-long sideways phase of the crypto reserve currency Bitcoin was dynamically reversed upwards on Tuesday, April 13th. As a result, Bitcoin rose to a new all-time high of USD 64,896 in the last few hours of trading. This allows Bitcoin to resume its last paused upward trend and target targets in the USD 70,000 area. With today’s listing of the US crypto exchange Coinbase, interest in the crypto sector should continue to gain momentum and flush more investors into the market. The bears, on the other hand, have to hope that there will be a “sell the news” in the crypto market today.

Bullish scenario (Bitcoin price)

The dynamic breakout of the sideways trend between USD 51,000 and USD 60,000 caused the crypto reserve currency to shoot north by 6 percentage points. With this, Bitcoin can also collect the first resistance at USD 64,061. If the bulls manage to sustainably stabilize the BTC rate above USD 61,771, the 138 Fibonacci extension at USD 66,150 will first come into focus. However, this resistance is only likely to have a short-term price-limiting effect. Rather, there is an initial litmus test in the range between USD 68,819 and USD 69,760. The 161 Fibonacci extension of the current price movement and the 200 Fibonacci extension of the higher-level trading movement run here. If the Bitcoin price breaks through this strong resistance area and subsequently surpasses the psychological USD 70,000 mark, an increase of up to USD 73,176 is likely. Here is the 200 Fibonacci extension of the current upward movement. If there is no significant price correction, investors should turn their gaze towards USD 77,678.

This resistance is taken from the monthly chart. Should Bitcoin also be able to overcome this resistance level without a significant price setback, a subsequent increase of up to USD 80,224 should be planned. The 261 Fibonacci extension of the current price movement runs here. A walk through to the higher-level 261 Fibonacci extension at USD 86,314 would also be conceivable. The Bitcoin price is likely to bounce off this chart mark, at least temporarily. If the BTC price can stabilize above this price level in the medium term, this further increase potential opens up to the 461 Fibonacci extension from the hourly chart. That projection runs at $ 89,982. If the Bitcoin price rebounds significantly below this level, a correction towards USD 77,678 is conceivable. If the crypto reserve currency can maintain its upward trend in the second half of the year, the BTC rate should continue towards USD 103,033. Here is the 461 Fibonacci extension of the current price movement. The Bitcoin price would be within range of the maximum price target for 2021 at USD 113,101.

Bearish scenario (Bitcoin rate)

For weeks, the bears were able to avert a sustained rise back to the previous all-time high of USD 61,771. With yesterday’s jump over USD 60,100 and subsequently also over the all-time high of March 13 of this year, this attempt finally failed. Only when Bitcoin dynamically slips back below USD 61,771 and also undercuts USD 60,000 do the chances of consolidation increase again. Should the Bitcoin price break back below the mentioned support levels at the end of the day, a price decline to the area around USD 59,527 is conceivable. If this support is also dynamically undershot and the EMA20 (red) is abandoned, the horizontal support at USD 56,867 moves back into the focus of investors. The supertrend in the daily chart is currently also running here. Only when Bitcoin also falls back to USD 55,817 and subsequently below the previous week’s low of USD 55,430, the bears can once again have slight hope of a price correction. If the bears can generate enough selling pressure, a consolidation of up to USD 54,077 must first be planned. The upper edge of the orange support area runs here. However, strong resistance from the bull camp can be expected again at the lower edge of the support zone at USD 53,057.

At this cross support is the lower Bollinger Band. If the bears manage to clearly undercut this strong support at the daily closing price, the next price target is activated in the form of the blue support area. This runs between USD 51,307 and USD 50,893. In addition, the last noticeable low of March 25 is at USD 50,327. Bullish investors will want to get in here again. If, on the other hand, the USD 50,327 per day’s closing price is undercut, the Bitcoin price should extend its correction to USD 49,423. Here the 127 Fibonacci extension of the superordinate upward movement runs. If this price level is broken down dynamically, a relapse into the dark green support area between USD 48,222 and USD 47,070 is likely. The EMA100 (yellow) is currently also running here. Should this zone not offer any support either, the chances of a correction towards USD 44,878 increase. A relapse to the low of USD 42,972 would also be conceivable. This price mark in the form of the high of January 8, 2021 should again arouse the interest of the bulls. If sellers manage to keep the BTC rate below USD 48,222, a correction expansion into the USD 41,970 to USD 40,407 area should follow. If the BTC price falls below USD 40,000 in the course of a correction in the entire crypto market, investors will focus on the maximum bearish price targets between USD 37,910 and USD 36,904. The EMA200 (blue) is currently running in this support area. From today’s perspective, a correction below this range is not to be expected for the time being. The increasing interest of institutional investors as well as the high probability of the introduction of further Bitcoin ETFs should prevent a start of lower prices.

Bitcoin dominance: market dominance falls to new year low

Bitcoin dominance based on values ​​of Cryptocap shown

This week, too, the BTC dominance tends further south and subsequently slipped below the support at 55.72 percent. The dominance then gave way and formed a new trend low at 54.23 percent. Although the dominance of the crypto reserve currency has so far been able to defend this price mark, as long as no clear reversal in the direction of the purple resistance area between 57.16 percent and 57.53 percent can be initiated, a further setback of up to 53.16 percent is to be planned.

BTC Dominance: Bullish Scenario

BTC dominance continues to be weak this week. After the support area was given up at 57.13 percent, the correction widened to currently 55.01 percent. If the dominance overcomes the first resistance at 55.72 percent and continues to rise in the direction of 57.53 percent, an initial directional decision is conceivable. The EMA20 (red) also runs in this area. If the BTC dominance can break through this upward cross resistance, a breakthrough of up to 58.80 percent is initially likely. Only when the dominance of the crypto reserve currency can break out dynamically above this strong resistance from the horizontal resistance line and the upper edge of the trend channel, a retest of 59.64 percent is conceivable.

At the latest in the area of ​​60.28 percent, it will become clear whether the dominance will find its way back into the trading range of the last few months. Here the supertrend runs in the daily chart. If the dominance overcomes this central area of ​​resistance by the daily closing price, the first target price is 61.62 percent. The red resistance range between 52.62 percent and 63.00 percent is to be mentioned as the maximum bullish price target for the time being. The EMA200 (blue) can be found at 63.00 percent. Only a sustained breach of this sliding resistance line would result in further increase potential. Since the new all-time high in Bitcoin was unable to spark a sustained increase in its market power, a return of up to 64.19 percent is not to be expected, at least in the short term. The current bullish price development for many large Altcoins such as Ethereum (ETH), Ripple (XRP) and the Binance Coin (BNB) additionally reduces the opportunities for increases.

BTC Dominance: Bearish Scenario

As described in the previous week’s analysis, the BTC dominance has lost the battle for the time being. Since re-entry into the trend channel, Bitcoin dominance has been rushing to ever new lows. Currently, the dominance is already failing at 55.72 percent. Therefore, it still applies that the BTC dominance first has to rise above 58.80 percent before the chart situation relaxes again a little. Once BTC dominance slips below the weekly low of 54.23 percent, a relapse to 53.17 percent is likely. The trend channel lower edge and a strong support level from 2019 run here.

Just below this is the low of 52.19 percent from April 4, 2019. If the BTC dominance cannot stabilize at this support level and rise again towards the north, the bearish price target in the orange support zone, which has been mentioned several times, comes into focus . The support range between 50.88 percent and 50.01 percent is still conceivable as a target range for the coming trading weeks. Here the dominance should initiate a bullish countermovement at the latest. If this strong support is also broken sustainably, a relapse of up to 44 percent or even lower can no longer be ruled out.

Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are only an assessment of the analyst.

The chart images were created using TradingView created.

USD / EUR exchange rate at the time of going to press: 0.83 euros.