Bitcoin Price Analysis: Here’s the Next Target for BTC Before Bulls Can Hope for $70K

Bitcoin’s recovery is going well, and the market is seemingly on the verge of creating a new all-time high in the short term.

Technical Analysis

By TradingRage

The Daily Chart

As the daily chart depicts, Bitcoin’s price has been rallying since it rose above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving toward the $68K resistance zone, which could be the last obstacle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could only be a matter of time.

btc_price_chart_2107241 — Source: TradingView

The 4-Hour Chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the bearish trendline to the upside. The market has also broken through the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying signal. The RSI is showing a clear bearish divergence between the recent price highs, which could indicate a correction or even a reversal in the short term.

btc_price_chart_2107242 — Source: TradingView

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