Bitcoin recently broke above the key resistance level of 67,275, signaling a potential for a new all-time high. This positive movement in the market was influenced by improving risk sentiment and supportive comments from President Trump regarding Bitcoin. Additionally, the removal of two main bearish factors – the German government selling off its Bitcoin holdings and Mt. Gox repaying its clients – has further boosted confidence in the cryptocurrency.
On the daily chart, Bitcoin’s break above 67,275 has given buyers more confidence to push for a new high, while sellers will be looking for a drop below this level to regain control. The 4-hour chart shows a clear breakout and retest of the 67,275 resistance, with buyers having a favorable risk to reward setup for a new all-time high. However, sellers will be monitoring the support levels for a potential bearish turn.
As the price approaches the upper bound of the average daily range on the 1-hour chart, buyers should exercise caution to avoid a potential pullback. Looking ahead, upcoming economic catalysts such as US Job Openings, Consumer Confidence reports, Employment Cost Index, FOMC Policy Decision, Jobless Claims figures, ISM Manufacturing PMI, and NFP report will likely impact Bitcoin’s price movement in the coming days.
Overall, the market sentiment remains positive for Bitcoin, with potential for further gains as key resistance levels are broken and external factors continue to support its growth. Investors should closely monitor the upcoming economic reports for potential shifts in market dynamics.
