Bitcoin (BTC) is back above $67,000 after hitting a new all-time high on March 5 and subsequently facing a price crash. At press time, CoinMarketCap showed the coin was up 3.98% in the past 24 hours, indicating that the selling pressure initially experienced was dissipating.

Key analysis of the 4-hour BTC/USD chart shows that bulls are actively buying dips. Additionally, demand for Bitcoin ETFs and increased spot trading volumes also fueled the recovery.

Bitcoin 4-hour analysis

As it stands, shorts risk being kicked out of the market. At press time, buyers may face resistance at $68,453. If the bulls push the price above the resistance, Bitcoin could head back to $69,000 first.

Additionally, a successful liquidation could lead to an extension that could take BTC to $72,000. But it will depend on whether the bulls can hold the support at $66,186. However, if resistance is rejected, it could force a downward trend in Bitcoin, leading to a drop below $63,000.?

Additionally, the 9 EMA (blue) is above the 20 EMA (EMA), indicating a bullish trend. If BTC remains above both EMAs, the bullish bias mentioned earlier may be validated. But a move below the 9 EMA for Bitcoin could lead to a minor correction that traders should be aware of.

BTC/USD daily chart

Looking at the daily chart, Bitcoin appears ready to retest its all-time highs. But unlike the 4-hour chart, there is no resistance ahead.

On March 5, the relative strength index (RSI) showed that Bitcoin hit overbought levels. This was one of the reasons why the price fell back below $64,000 on the day. However, the RSI reading remains lower than the previous day’s levels.

This reading signifies growing bearish momentum, which may make it difficult for BTC to break above the $70,000 area. In a highly bearish scenario, Bitcoin’s price could fall back to $49,578 (0.236 Fibonacci Retracement).

However, this adjustment may not occur until the end of Bitcoin’s halving, as capital may shift away from Bitcoin and towards other cryptocurrencies. Meanwhile, the short-term outlook for the coin appears to be bullish. If buying pressure continues to build, BTC could break above $72,000.

It might be a bit difficult for BTC to reach $76,000. However, given the bullish factors and demand for Bitcoin, this is not out of character.?

熱點：Bitcoin THE WILL