Will the BTC price break out now?

Bitcoin is facing a very exciting week. For a long time, the crypto world has wondered when Bitcoin would be decoupled from the NASDAQ and the general financial market. However, since the launch of the Bitcoin ETF, this question has become irrelevant. The fact that major financial institutions have not only entered the Bitcoin trading market themselves, but are making this asset available to all their customers in ETF form is a great achievement in the financial market.

A very turbulent week is expected in the USA. With the NASDAQ in the all-time high region and important US data on Thursday (such as initial jobless claims), both a new all-time high and a sell-off are conceivable for the leading index of tech stocks – depending on the figures.

The 4-hour chart clearly shows that Bitcoin, knowing that it will be a turbulent week, has already hit the important support at 67,330 US dollars, which has been in place for days, at the start of Asia, and has only known one direction since then. The price is currently at around 69,150 US dollars, which is on the edge of the upper trend line. If the upward breakout from the triangle succeeds, 70,350 US dollars is the next important price target. It should be noted, however, that although Asia has pushed the price up sharply, this also brings with it the possibility that the increase will be reduced again at the start of the US market. Important support levels are at 68,250 US dollars and 67,330 US dollars.

Bitcoin: 15-minute chart paints the same picture

There was already a nice retest here at 68,250 US dollars. The previous resistance became support, which allowed the price to continue to rise. What is somewhat worrying, however, is that as of the daily open there is now a not insignificant imbalance on both the 4-hour and 15-minute charts. It is therefore quite conceivable that the movement from Asia will be picked up again. The same support levels apply here as on the 4-hour chart.

A look at the Hyblock chart shows that there are many liquidation levels, especially above the current price up to $71,000, which could make it interesting for market makers to reach them.

Indicators also show a positive mood

A double bottom has formed on the MACD (Moving Average Convergence/Divergence), which, together with the positive momentum, means a good start to the week for Bitcoin. Volume is increasing slightly, but not significantly. The RSI (Relative Strength Index) is at around 61 points, which indicates a lot of room to move up and down. As long as the RSI is not overbought (above 70) or oversold (below 30), the four-hour chart remains relatively unremarkable.

About the author

Bastian Keller (Bitbull) has been operating independently in the Forex market since 2015 and has been a full-time trader in the crypto market since 2018. He actively shares this expertise on various social media platforms, especially on his YouTube channel “Bitbull Trading“, with more than 60,000 subscribers.