Alex Dovnya
The price of the largest cryptocurrency recently managed to soar above the $70,000 level. Can we build a foothold beyond this level?
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Bitcoin (BTC), the virtual currency with the top market capitalization, managed It regained the much-awaited $70,000 level earlier today, with a high of $70,230.
It has gained 2.4% in the past 24 hours and is currently trading just below the aforementioned levels.
However, it is worth mentioning that $70,000 is a formidable resistance level that the bulls have repeatedly failed to break. At the time of writing, the top cryptocurrency is trading at $69,704 after giving up some gains.
A bear trap?
As pointed out by popular crypto trader Ali, the TD Sequential, a powerful technical indicator, the current The 4-hour chart shows a sell signal. The analyst predicted a “1-for-4 candlestick correction” for the largest cryptocurrency.
Bitcoin failed to gain a foothold above the $70,000 level on April 1st, leading to a recent sharp correction to the $65,000 level. However, Bitcoin was able to recover from this decline relatively quickly.
extreme greed
The largest cryptocurrency has once again succumbed to “extreme greed,” according to the Fear & Greed Index, which measures Bitcoin sentiment daily. This means the market is showing signs of frothing after a short period of correction.
The bulls’ latest attempt to break the $70,000 resistance level comes ahead of the much-awaited halving event. With only 11 days left until the event, many expect the market to become even more intense due to increased mainstream media coverage.
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Alex Dovnya
