Bitcoin (BTC) bulls are pushing: Step by step to the peak!

Bitcoin (BTC), which has managed to maintain $68,000 as support, seems to be setting sail for new highs.

Bitcoin bulls regained momentum over the weekend, with BTC rising over 2% to reach $68,000. This increase came immediately after a sharp drop to $65,500 on Friday. As the market turns in favor of the bulls, all eyes are on the $70,000 resistance level; breaking this level could bring ATH for Bitcoin.

Buyers' dominance is increasing in Bitcoin (BTC)

According to CoinMarketCap data, buying transactions in Bitcoin have increased in the last 24 hours. The leader of cryptocurrencies, after testing the $66,800 support, recovered strongly and showed a stable upward momentum by surpassing resistance levels. Currently trading at $68,120, BTC has gained 1.61% in the last 24 hours, renewing hopes for a bull market.

Another factor supporting this rise was Bitcoin's market value reaching 1.35 trillion dollars. However, the 24.45% decrease in transaction volume indicates that some investors are proceeding cautiously.

Technical indicators support the rise.

The daily chart from TradingView indicates that technical indicators point to further upside potential. For example, the Relative Strength Index (RSI), a significant momentum indicator, is currently at 60.37 and showing an upward trend. This suggests that BTC may continue its upward movement in the short term, but it should also be noted that RSI approaching the 70 level may enter overbought territory.

In addition, the Directional Movement Index (DMI) indicates that the bull trend is strengthening. The +DI indicator is at 26.0927 while the -DI is at 18.6290; this difference indicates that the bulls are gaining momentum. If Bitcoin tests and surpasses the previous high level of 68,500 dollars, the psychological threshold of 70,000 dollars can also be exceeded.

However, investors should closely monitor the resistance zones between $68,500 and $69,000, as well as the trading volume. A clear breakthrough above $70,000 could enable Bitcoin to reach a new all-time high and reinforce the bullish trend. On the other hand, if the cryptocurrency falls below $67,000, a short-term pullback may occur. In this case, BTC could test the $65,500 level first, then potentially drop to $64,770 to find support before resuming its upward movement.

This article does not contain investment advice or recommendation. Every investment and trading transaction involves risk and readers should conduct their own research when making decisions.