- Bitcoin price saw bulls defending technical support level.
- BTC prices can reach new all-time highs this week.
- Favorable tailwinds persist with global markets in the green.
Bitcoin (BTC) price respected a critical support level on Sunday to keep the uptrend intact. BTC price action on Monday reveals bulls are still in complete control of Bitcoin price, and new all-time highs look to be the target for this week. With more positive tailwinds emerging, Bitcoin price could hit $69,123 in the coming days.
Bitcoin price looks for new all-time highs
Bitcoin price saw some profit-taking at the end of last week and during the weekend. Bulls did not unwound too large parts of their long positions, however, and this made BTC price start to fade to the downside. BTC price saw bulls respect $59,586, which aligns with the monthly R2 resistance level, and prevent further losses to keep the uptrend going.
Favorable tailwinds seem to be persistent, and more positive tailwinds are being added this morning, as US indices futures were pointing to a green opening for the week after quiet upbeat earnings last week. With more focus on tech equities, expect the Nasdaq to be either a tailwind or headwind for Bitcoin price. All in all, expect Bitcoin price to make new all-time highs this week.
BTC/USD daily chart
With more buyers coming in, supported by the favorable tailwinds and the significant respect for the monthly R2, expect Bitcoin price soon to hit the new all-time highs around $66,900. Once broken, BTC price will look for the 23.6% Fibonacci level at $69.123 and halt there to undergo another phase of profit-taking, with price fading back to $65.087. This way, BTC price should start a repetitive pattern to get to $100,000 by the end of this year.
Should earnings season start to disappoint and drag down the Nasdaq, expect this to become a headwind for Bitcoin price, and result in a price correction back towards $59,586. As pressure starts to mount for Bitcoin bulls, expect to see more profit taking and price fade further towards $55,619. Another leg lower would see $50,019.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.