- Bitcoin breaks out, aiming for $88,000 – $90,000 after months of consolidation.
- Key resistance points lie at $71,500 and $72,000
- Immediate support levels include $68,200 and $67,500 for potential corrections.
Bitcoin has finally broken free after eight months of consolidation, sending a strong signal to traders. The recent move above $66,500 reveals a bullish breakout, aiming toward a midterm target of $88,000 – $90,000. Here’s a closer look at this action-packed rally and the key levels investors are tracking in this breakout.
Pushing Through Resistance Levels
With Bitcoin’s recent surge above $67,000 and $68,000, momentum is building. The cryptocurrency cleared a significant trend line around $68,100 on the 4-hour chart, moving past both the 100 and 200 simple moving averages.
This strong push also moved Bitcoin above the critical 76.4% Fibonacci retracement level, further reinforcing a bullish sentiment among traders. At this pace, Bitcoin’s next major test lies around $71,500, followed by the critical $72,000 mark.
A successful close above $72,000 could open the floodgates to new highs. Such a move would likely send Bitcoin towards $73,000 and beyond, possibly setting a new all-time record.
Key Supports and Possible Corrections
While Bitcoin’s bullish signals are strong, support levels will play a crucial role in shaping its short-term movements. Immediate support sits near $68,200, providing a solid floor for traders. If Bitcoin slips below this, the next significant support appears around $67,500.
Any drop under these points could push Bitcoin back toward $66,500, a level traders are closely watching. In case of continued downward momentum, $65,500 serves as a final safety net, beyond which larger corrections may occur.
On a midterm scale, Bitcoin’s broadening wedge breakout holds the potential to drive it toward the anticipated $88,000 – $90,000 range, especially if buying pressure remains strong. Cautious yet hopeful, investors track Bitcoin’s progress, eager to see if it reaches this next milestone.
