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▲ Bitcoin (BTC)
Bitcoin (BTC) is continuing its rebound and attempting to break through a key resistance level, but it has entered a tense phase where the upward trend could be broken if it fails to surpass this level.
According to crypto media outlet NewsBTC on April 22 (local time), Bitcoin successfully rebounded after forming a support base near $74,500, recovering above the $75,500 level. In the short term, it is trading above the 100-hour simple moving average, maintaining an upward structure.
Technically, with an ascending channel formed, $77,350 has been presented as a key resistance level. If this level is breached, there is potential for further increases to $78,000 and $78,500, with $80,000 subsequently mentioned as the next target.
Indicator trends also support the upside. The Moving Average Convergence Divergence (MACD) shows expanding momentum in the upward zone, and the Relative Strength Index (RSI) is also above the 50-line, indicating buying dominance.
On the other hand, if the upward movement is blocked at the resistance level, there is also a possibility of a downward reversal. Short-term support levels are presented at $76,000, followed by $75,650 and $75,400. Analysis suggests that if these levels break, downward pressure could extend to $74,250.
Bitcoin continues to show strong volatility at a critical juncture where its trajectory will be determined by whether it breaks through the key resistance level, leading to either continued ascent or a correction.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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