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Bitcoin is trading around 66,909, above the 200 EMA, and above the 21 SMA. On the H4 chart, we can see a recovery in Bitcoin after having found strong support around the 2/8 Murray and around the 200 EMA at 62,500. This area gave a good opportunity for Bitcoin bulls to resume buying and this was reflected in a sharp breakout of the downtrend channel formed on March 11.
We believe that in the next few hours, Bitcoin will continue to rise. BTC has strong resistance around 68,750. Beyond this area, the psychological level of 70,000 remains valid which could also offer strong dynamic resistance.
According to the H4 chart, Bitcoin has gained strong bullish momentum since it broke the bearish trend channel. We now believe that BTC could try to break the strong resistance zone of 68,750. Once this level is surpassed, the price could reach the psychological level of $70,000. This area could turn out to be resistance, Bitcoin has respected this level since on March 7 and 14.
The target for the bulls remains at the $75,000 level. Given that there is still strong volatility in Bitcoin, we believe that it will continue to rise until the publication of another important news for Bitcoin on April 25. Meanwhile, we could look for opportunities to buy Bitcoin above 62,500 or above 65.000. Eventually, the price could hit the target of 75K.
In the next few hours, a technical correction to the 21 SMA support level located at 65,136 could be seen as a good point to buy with targets at 68,750, $70,000 and finally, at $75,000.
Since March 19, the eagle indicator has been giving a bullish signal. So, we believe that at the current price level around 66,900, we could buy. We could also go long around $65,000 with targets at 68,750 and $70,000.
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