New Bitcoin ATHs Confirmed: $74k+ BTC Price Prediction

Bitcoin’s Current Chart Activity

BTC Price Prediction, BTC now back testing a key zone on the chart after a massive move that essentially removed billions of dollars worth of shorts. This change has happened sequentially to the formation of a massive buy signal on Bitcoin’s chart as forecasted by Crypto World’s analyst Josh. There has been price breakout above the resistance level at $64.2K-$64.9K as observed from recent prices., where we can now see it as support as the price is being retested after the bounce.

How the short squeeze affects the stock prices

This retesting occurs after a short squeeze that removed billions in shorts. Historically, Bitcoin binary moves to high liquidity areas and the current actions cleared most of the liquidity between $65000 – $65500. The next major liquidity levels are $66, 500/$67, 500 with minor liquidity at $62, 000.

Investors’ appetite and continued ETF flows

What’s more, spot Bitcoin ETFs witnessed a heavy buying of more than $422 million on Tuesday with BlackRock as the buyer of $260 million. This means that there is high investor demand and due to this, other providers such as Fidelity and ARK also bought Bitcoin.

Bitcoin’s Bullish Momentum

When it comes to Bitcoin’s charts on the 3-day and 4-day intervals, there have been certain shifts over the previous day according to Josh. However, a decline in the US Dollar Index (DXY) which normally moves contrary to Bitcoin should be mentioned. Moving with DXY, the opposite is true and the general direction is highly correlated; an up move for DXY generally leads to a down move for Bitcoin and vice versa. To be frank, no indicator can be said to be 100 percent accurate but according to this, it is accurate ninety percent of the time.

Key areas of highs and lows

Nevertheless, there is slight correction observed on the Bitcoin price yet ordinarily, the trend and among are still up. The two levels of the resistance at dollars $60,000-$61,000 and dollars $63,000-$64,000 were successfully tested and therefore can be treated as strong supports now. Today, BTC is in the process of coming back to the mentioned levels, which can be considered as support there. Bitcoin is expected to test this level of support and if the green region holds, subsequent resistances to consider are the $67,000-$68,000 level which encompasses the previous key areas. While a breakout above $68,000 could usher in more ATH with the last biting resistance being between $72,000 and $74,000.

Disclaimer: The information provided by CryptopianNews is for educational and informational purposes only. It should not be considered financial or investment advice. Cryptocurrency markets are highly volatile and speculative, and investing in them carries inherent risks. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.