Bitcoin Technical Analysis Report 4 March, 2024

Dmitry Chernovolov Market Analyst

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 69000.00 (former multiyear high from January)

– Bitcoin breaks key resistance

– Likely to rise to resistance level 69000.00 and 70000.00

Bitcoin cryptocurrency rising strongly after the price broke through the key resistance level 63925.00 (previous monthly high from February). The breakout of the resistance level 63925.00 further accelerated the active short-term impulse wave 3, which belongs to the intermediate impulse wave (3) from the end of last year. Both of the active impulse waves 3 and (3) accelerated strongly after the price broke the round resistance level 50000.00 earlier this year.

Given the predominant uptrend that can be seen on the daily and the weekly Bitcoin charts and the strongly bullish sentiment across the cryptocurrency markets seen lately, Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 69000.00 (former multiyear high from January) – the breakout of which will lead to rapid gains toward 70k, target for the completion of the active impulse wave (3).

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