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Bitcoin on the Rise: Technical Analysis and Key Levels

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by Giorgi Kostiuk

3 months ago


Bitcoin, the absolute leader in the cryptocurrency world, continues to trade at $105,135, maintaining a bullish trend. Market expert Kevin Svenson notes positive signals for the cryptocurrency based on technical analysis. If the price remains above critical support levels, Bitcoin may reach even higher price points in the long term.

MACD Indicator and Bitcoin Momentum

Svenson observed that the MACD indicator on the daily timeframe signals a strong bullish trend for Bitcoin. This popular tool evaluates the momentum of price fluctuations, and he highlighted the positive crossovers observed in its histogram.

Analyzing the daily MACD histograms reveals an upward crossover emerging, which indicates that bullish momentum is building in the near term. From a technical viewpoint, this scenario is very encouraging.Kevin Svenson

Key Support and Resistance Levels

Svenson also cautioned that declines are still possible, even amidst the ongoing bullish sentiment. He mentioned that a price drop to $100,000 would not necessarily negate the upward trend and could offer significant buying opportunities for market participants.

Bitcoin could theoretically decline to $100,000 and still be within an upward trend. Such levels represent strong buying zones. Should the price fall to these points, they will serve as ideal support for traders.Kevin Svenson

Technical Analysis and Future Perspectives

Bitcoin’s MACD indicator suggests increasing bullish momentum. Support levels around $100,000 could present advantageous buying opportunities. Despite volatility, the overall trend remains upward.

Svenson’s insights provide valuable guidance as the Bitcoin market continues to experience fluctuations. The technical indicators indicate that the premier cryptocurrency could potentially rise to unprecedented heights in the coming period.

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