Bitcoin is still trading within the bullish flag pattern, currently priced at $65,800 at the time of this update.
Last week, we saw a retracement to $59k following the CPI report, which came in 2.4% higher than expected. This dip filled the $59k daily order block, but we quickly saw a daily candle close above $60k. Since then, Bitcoin has managed to break through the resistance zones at $62,100 and most recently at $64,300. If this upward momentum continues, the next key target for BTC is $70,800.
The weekly chart presents an interesting perspective. Despite the market’s volatility over the past two weeks, Bitcoin has consistently closed its weekly candles above 62,140, with only wicks dipping below 62,100 but no actual candle closures. This suggests strong bullish momentum. However, when you zoom in, it’s clear that the 64,300 resistance remains a significant hurdle, as price has been rejected from this level multiple times, emphasizing the strength of that zone (Look at the red circles and notice how those weekly candles close)
For real-time updates and in-depth analysis, follow Kenya Crypto Magazine:
MD_DELICACIES
Views: 12
