Bitcoin Price Breaks Above $66K — Has BTC Flipped Bullish Again?

bitcoin halving 2024

Every participant in the cryptocurrency market is still keeping an eye on the price of bitcoin (BTC) in the wake of the fourth halving on April 20. With cryptocurrencies first in line to benefit from capital overflows, the event is anticipated to start the next bull cycle.

Source: Yahoo News

How Does Bitcoin Work?

The biggest cryptocurrency by market capitalization is called Bitcoin, and it is a digital currency meant to be used as money. There is no need for third parties to get involved in financial transactions because this mode of payment cannot be controlled by one person, organization, or other body.

Reversing Bitcoin Transaction Fees

The price of bitcoin is still rising, but not by enough to lure in late bulls at this time. With the successful completion of the halving, the trailblazing cryptocurrency is still in the spotlight. According to research, Bitcoin transaction fees are declining, which may have an impact on the price of the cryptocurrency.

Some analysts and traders, on the other hand, are betting as low as $sub-60,000 on a decline in the price of bitcoin. If the market moves in the opposite direction, perhaps even breaking through the all-time high of $73,777 to set a new top price, up to $7.24 billion worth of short positions would be liquidated.

The price of bitcoin is probably going to drop below $62,500 or much lower, maybe even to the $60,000 mark. In the worst scenario, it might go below this mark for a sweep of the sell-side liquidity on March 5 at roughly $59,005. Since the market is somewhat calm and the Average True Range (ATR) indicator is low, traders might choose to hold off on making trades during that period.

Interestingly, a high ATR indicates considerable market volatility, which might offer traders profitable opportunities. However, if the bulls are able to produce a strong candlestick close above the $66,486 blockage, which is validated by the reversal of the key 61.8% Fibonacci retracement line into support at $68,206.

The 78.6% Fibonacci retracement level of $70,656 would be the next important level to keep an eye on. The price of bitcoin might reach a new all-time high above $73,777 with a robust rise above this level.

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