Summary
TLDR: Bitcoin’s price recently increased by 12.7% but has since retraced, with key support at $68,850. MACD indicators suggest a near-term downturn in the 4H chart. Weekly analysis shows mixed signals with potential support at $51,800. Monthly chart indicates ongoing bullish sentiment. Bitcoin dominance is strong within an upward channel, with resistance at 60.5%. Market conditions are subject to change, so conduct thorough research before making financial decisions.
Key Points
1. The price of Bitcoin (BTC) recently reached a higher high, but has not yet surpassed the all-time high (ATH) of around $73,800. Over the past week, BTC saw an increase from approximately $64,500 to around $72,750 before experiencing a decline again yesterday.
2. Bitcoin’s 4-hour (4H) chart indicates a bearish trend, with the MACD histogram trending downwards and the MACD lines crossing bearishly. The Relative Strength Index (RSI) oscillates in neutral territory, neither indicating strong bullish nor bearish sentiments.
3. In the weekly chart, Bitcoin’s price dynamics show a mixed signal, with the MACD histogram declining in a bearish manner while the MACD lines remain crossed in a bullish configuration. The RSI is currently situated in overbought regions, approaching neutral territory.