Here’s the next target for BTC before the bulls can wait for $70,000

Bitcoin’s recovery is going well and the market seems poised to create a new near-term all-time high.

Technical Analysis

By TradingRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it rose above the 200-day moving average.

The market has also recovered the $60,000 and $65,000 levels and is moving towards the $68,000 resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that price has clear bullish momentum, it could only be a matter of time.

Source: TradingView The 4-hour chart

Looking at the 4-hour chart, it is clear that the price has risen rapidly since the bearish trend line was broken. The market has also broken the $65,000 resistance level with momentum, making it a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI shows a clear bearish divergence from recent price highs, which could indicate a correction or even a near-term reversal.

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