Is Bitcoin preparing for another upward rally? Article Sponsored by CloseOption

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 Is Bitcoin preparing for another upward rally? Article Sponsored by CloseOption

 

The key support and resistance level ahead for BTC/USD is as follows:
•Third Key resistance level of BTC/USD: 94800
• Second Key resistance level of BTC/USD: 92000
• First key resistance level of BTC/USD: 88450
• First key support level of BTC/USD: 84050
• Second Key support level of BTC/USD: 80050
•Third Key support level of BTC/USD: 77600
 
Is Bitcoin preparing for another upward rally?
Following the attainment of the $110,000 mark, a psychologically significant round number (the importance of round numbers as price targets in Bitcoin), at the beginning of 2025, a departure of buyers and a subsequent price correction were observed in Bitcoin, with this correction reaching $76,590.

Under current circumstances, in longer-term timeframes such as the weekly chart, the formation of a pin bar in recent weeks suggests a cessation of the downward cycle, and the price floor of $76,590 has been established.

Should this support level be breached, it would not be a favorable development for Bitcoin investors, as the scenario of further correction in this digital currency would be intensified, and the price would have the potential to reach the support level of $73,000.

In shorter-term timeframes, such as the daily chart, bullish inclinations have emerged in recent days, and the price is currently testing and attempting to break through a descending trend line composed of three resistance points, the most significant current resistance factor in Bitcoin. Should this line be broken and prices consolidate above it, upward probabilities would be further strengthened, and the next target for buyers could be considered the key level of $92,000."
 

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