- The 4-hour chart displayed a resistance at $68,453, indicating that bulls had work to do.
- If the EMAs maintain the momentum gained from the golden cross, Bitcoin could rise to $72,000.
- The Fibonacci retracement on the daily chart showed that a correction to $49,578 was possible.
After hitting a new all-time high on March 5, and facing a price collapse later, Bitcoin (BTC) was back above $67,000. At press time, CoinMarketCap showed that the coin has gained 3.98% in the last 24 hours, indicating that the selling pressure initially experienced was fizzling out.
A critical analysis of the 4-hour BTC/USD chart showed that bulls were aggressively buying the dip. Furthermore, demand for Bitcoin ETFs as well as the hike in spot volume contributed to the recovery.
Bitcoin 4-Hour Analysis
As it stands, bears risk being put out of the market. At press time, buyers might face a resistance at $68,453. If bulls push the price above the resistance, Bitcoin might reclaim $69,000 for a start.
Furthermore, the successful close could lead to an extension which puts BTC as high as $72,000. But that would depend on the bulls’ ability to defend the $66,186 support. Howe…
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