Beware of Bitcoin price corrections
Bitcoin has indeed shown extraordinary growth since the beginning of 2024. Bitcoin's rate of increase even recorded a new all-time high in mid-March.
However, paying attention to the current condition of Bitcoin prices, it seems that they have been stuck in the $70k range since last week. In this price area, Bitcoin tends to move at low price volatility.
Leading crypto analyst Michaël van de Poppe warns Bitcoin's most severe correction could reach $60k. In the $70k area this is a matter of debate and speculation in the crypto community.
On the other hand, Coin Edition is skeptical about Bitcoin's price reaching $100k which several other investors are waiting for amidst their belief that Bitcoin will soar to the highly anticipated US$100,000 figure in the near future.
Another analyst Ali Martinez predicts the biggest obstacles in the range of US$70,180 and US$70,600.
BTSUSD technical analysis today
Bitcoin's daily range today is at a low of 69,576.6 and 71,219.2. According to the Investing summary, several technical indicators and several moving average indicators produce strong buy signals from this.
On Ticktrader FXOpen the price formed a bullish candlestick around $71k. This could be a crucial resistance zone at the moment. A breakout of this level may make the Bitcoin price continue to be bullish.
On the daily timeframe, the Bollinger band still forms a flat channel with the distance between the upper and lower bands still wide although slightly narrowed.
MA 50 below the lower band line forms an upward channel indicating an uptrend market.
The RSI level is 60, meaning the price is above the uptrend level.
On the H1 timeframe, Bitcoin price moves near the upper band line. Here the Bollinger bands form an upward channel with expanding bands indicating increasing volatility.
MA 50 between the middle band and lower band forms an upward channel in this time frame, indicating an uptrend market.
The RSI indicator shows level 69, meaning the price is moving above the uptrend level.
Support and resistance
S3: 70672.7
S2: 70764.8
S1: 70868.6
PP: 70960.6
R1: 71064.4
R2: 71156.4
R3: 71260.2