- 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.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
