Bitcoin Price Hits 72K Resistance Barrier Bears Bullish on Sub69K Levels

Bitcoin is currently breaking out on longer time frames while also confirming a fresh bullish divergence in the short term post its recent pullback. Ethereum and other alternative coins are also approaching crucial support levels, displaying similar positive indicators. As of now, Bitcoin is trading slightly above $68k and has decreased by more than two percent within the last 24 hours.

Bitcoin Chart Evaluation
As per analyst Josh from Crypto World, the four-day Bitcoin chart demonstrates stability, showing minimal fluctuations over the past day. The two-day chart reveals Bitcoin trading above a crucial support level near $65,000, with the overall pattern remaining bullish as it establishes higher lows and higher highs.

Resistance and Support Levels
Bitcoin is encountering resistance in the $72,000 to $74,000 range on the daily chart, where it has faced challenges recently. Immediate support lies just above $69,000, with a more significant support area between $66,700 and $68,300, where previous resistance now acts as support.

Bullish Trend and RSI
Despite some retracements, the bullish trend remains unbroken. The current consolidation period allows the RSI to reset towards more neutral levels, potentially creating space for future upward movements.

Liquidity Map Analysis
A recent examination of the Bitcoin liquidation heat map indicates liquidity accumulation at various price levels, particularly between $68,700 and $68,800. Enhanced liquidity is also observed around $73,000, which may impact future price actions.

Conclusion
A fresh bullish divergence has been validated, hinting at a chance for slight bullish relief or sideways movement in the immediate future. Recent price shifts suggest erratic price actions, with expectations of sustained volatility throughout the weekend.

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Bitcoin
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Cryptocurrency
Price Analysis