Bitcoin (BTC) Price Analysis and Prediction: BTC Confirms New Bullish Divergence Targeting $70K

Bitcoin is currently experiencing a breakout on larger time frames, but has also confirmed a new bullish divergence in the short term following its latest pullback.

output: Bitcoin is showing a breakout on higher time frames and a new bullish divergence in the shorter term following the latest pullback. ETH and other altcoins are also approaching critical support levels with similar bullish signs. At the time of writing, BTC is trading slightly above the $68k levels and is down by more than 2% in the past day.

Bitcoin Chart Analysis by TradingView

As covered by analyst Josh of Crypto World, the four-day Bitcoin chart shows stability with little change over the past day. However, on the two-day chart, BTC is trading above an essential support level around $65,000. The overall structure is still bullish as higher lows and higher highs are being established.

Resistance and Support Levels

On the daily chart, BTC faces resistance in the $72,000 to $74,000 range, where it has struggled recently. Immediate support is found just above $69,000, with a more significant support zone between $66,700 and $68,300, where previous resistance now acts as support.

Bullish Trend and RSI

The bullish trend is still intact despite some pullbacks, and the current cooling-off period allows the RSI to reset towards more neutral levels, which could indicate potential upward movement in the future.

Liquidity Map Analysis

A review of the Bitcoin liquidation heat map shows liquidity building at several price points. Notably, there is increased liquidity between $68,700 and $68,800. Additionally, increased liquidity is observed around the $73,000 price, which could influence future price movements.

Conclusion

A new bullish divergence has been confirmed on lower time frames, suggesting a possibility of slight bullish relief or sideways action in the near term. Recent price movements show choppy price action, and we can expect continued volatility over the weekend.

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