It seems like it doesn’t matter which coin you are in, almost the entire crypto market turns green. Bitcoin still has a major influence on this, so it is good to keep an eye on the market leader. What happened today? Let’s look at the graphs.
Bitcoin is going fast
We do not start this analysis with the weekly, but with the daily chart. Here each candle represents 24 hours, and here we see the most important price levels of Bitcoin. We will leave the black line at $25,000 for what it is (since it is no longer really relevant).
The gray zone and especially the blue and yellow lines still apply. Not to waste too many words on the gray zone: this is the place where Bitcoin encountered the most resistance in 2023. Breaking this has given BTC a massive push to $35,000.
Here the coin encountered a bit of resistance around 35,380, and as I mentioned in the previous analyzes, that could well cause a further increase to $ 37,500. The currency subsequently failed to make lower lows, which was a prerequisite for further gains, and after yesterday’s breakout, things picked up quickly.
Arrived at $37,500
To analyze this better, we will also briefly look at the 1-hour chart. Here each candle represents 60 minutes. Here we see the scenario just described in more detail. After initially moving just above the blue line, Bitcoin shot further and managed to reach $37,500.
As I said in previous analyses, this could very well be a point of resistance, but since the market still looks very strong, it may well be that BTC is completely ignoring this. Due to the considerable volatility, it remains to be seen where Bitcoin will take its rest again.
The coin is still making higher highs and higher lows, and doesn’t appear to be slowing down. It therefore does not seem very likely to me that we will return to the lower zone in the medium term. When the yellow line is broken, the blue line may also be a thing of the past.