After being in the greed zone since January, Bitcoin has finally broken out. Such a situation has previously occurred following a halving, just before the actual bullish momentum begins to build.
Bitcoin consistently maintained its daily support at 62,500 without reaching the weekly support level of 60,500. Staying above these support levels signals a positive outlook for continued support and a potential increase. If Bitcoin holds this daily support and surpasses the daily resistance at 66,300, it sets a clear path towards reaching 80,000.
As anticipated, Bitcoin's price has returned to its weekly support level. These supports, often referred to as Marxian, are noted for their accuracy and the consistent reactions they prompt.
If Bitcoin breaks through the daily resistance at 66,500, it could aim for a target of $77,500. However, it is expected to continue experiencing fluctuating conditions.
As anticipated, Bitcoin has undergone a 4-hour correction, successfully breaking through the resistance at $70,400 while maintaining support between $69,000 and $69,500. It is currently aiming for a target of $72,300.