Bitcoin Technical Analysis: Chart Levels, Trade Signals

Bitcoin will start the week with a bullish/positive bias based purely on technical analysis. The biggest market cap cryptocurrency has been consolidating since March 13th, 2024 when it nearly hit $74,000. This sideways chop is digestion of the big move up that took price from $35,000 to $74,000.

This consolidation, bullish pattern within the chart recently broke above a key level and has held, even after multiple attempts to break below. As long as this key support at $65,500 holds on a daily closing basis, the bullish bias on Bitcoin remains.

Should price move above resistance at $71,800, upside to the all-time high and beyond is likely.

Looking at the bearish case, should price have a daily close below $65,500, Bitcoin could decline very quickly toward the $50,000.

This gives specific levels for investors to trade against. Note the chart above for a visual representation of the technical support and resistance levels on bitcoin.