-->Over the past week, the bitcoin market has had a wonderful rollercoaster ride, bringing both hope and excitement to traders and investors. With two new all-time highs approaching $70,000, the boundaries of what seemed possible were once again pushed slightly. But these highlights were not without challenges; the market faced sharp corrections that tested Bitcoin’s resilience and underlying support. As we dissect the technical analysis and trends, we reveal the potential path forward for the week ahead.

Bitcoin (BTC) 1 hour chart

This week, Bitcoin reached an impressive milestone for the second time by almost touching $70,000. But the path to new heights has not been completed without a hitch. After reaching this new milestone, the stock experienced a sharp decline of 5.5%, dropping the price to $66,000. This pattern of remarkable growth followed by a significant pullback also occurred earlier this week, when bitcoin lost nearly 15% of its value after matching the previous all-time high.

Interestingly, the pullback found support at the critical support area from $59,000 to $60,000, which we had identified as extremely important in our previous update. The 200 MAs also played a crucial role in cushioning this decline, with not a single hourly candle trading below this trendline.

Despite the tumultuous events of last week, our analysis for the near future remains unchanged. We are closely monitoring developments around the 200 MAs and the important support level at $59,000 – $60,000. A drop below these key points could signal a more significant correction than we have seen so far in the current rally.

Bitcoin (BTC) 4 hour chart

In such a scenario, our attention would shift to the 200 MAs on the 4-hour chart for a retest of the trend on this higher time frame. The 200 MAs on the 4-hour chart are currently around $55,000. By the way, the MAs are creeping closer to our support area $59,000 to $60,000 on this time frame. Which could possibly be a crucial support combination in the future.

1 hour chart

4-hour chart

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Source: https://bitcoinmagazine.nl/nieuws/bitcoin-update-balansact-tussen-historische-hoogtes-en-cruciale-steunpunten

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