Trading The Bitcoin Chart With Support & Resistance

Bitcoin appears to be back in bull market mode. The largest cryptocurrency by market cap has surged 25% since its July 5th low. Interestingly enough, this low was the same day as Microsoft (MSFT), Meta Platforms (META) and other mega cap tech stocks were at all-time highs. As the trillion-Dollar stocks have pulled back, Bitcoin has rallied.

This shows money flow rotating from tech stocks to Bitcoin and is important for the stability of Bitcoin as a safety asset.

As Bitcoin climbs, key resistance is found on the chart at $70,000 and $74,000. Major technical support is $53,000 to $54,500.

Overall, Bitcoin's relative strength as mega caps pull back is a significant development. Pull backs into support are buying opportunities until proven otherwise.