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Bitcoin (BTC) Price Reaches Critical Resistance...and Here's the Current Price Prediction

Bitcoin (BTC) price has reached critical golden ratio resistance at around $67,500. BTC is up almost 10% over the past four days.

However, Bitcoin is now facing significant resistance. Will this lead to an anti-bearish pattern for Bitcoin?

Will the current Bitcoin price return to the uptrend?

The price of Bitcoin has increased by more than 10% over the past four days, forming an uptrend. This is because Bitcoin is creating an inverse head and shoulders pattern, from which the price of BTC has actually taken off in a bullish manner.

The golden ratio near $67,500 coincides with crucial Fibonacci resistance for BTC. A bullish breakout at this level could signal a return to Bitcoin's uptrend. Therefore, the corrective move will be reversed and Bitcoin may aim for or even surpass its previous all-time high at around $73,800.

The exponential moving averages (EMA) have a golden crossover and the moving average convergence divergence (MACD) lines cross in a bullish manner. The MACD histogram is increasing bullishly, while the relative strength index (RSI) is neutral. In general, indicators on the daily chart are bullish.

Learn more: Bitcoin Price Forecast 2024/2025/2030

BTC/USD price analysis (daily).
BTC/USD price analysis (daily). Source: Commercial view

However, the 4-hour (4-hour) chart indicators indicate downward trends. BTC price could face downward pressure in the short term It is rejected at the golden ratio resistance near $67,500.

Indeed, the RSI is showing a bearish divergence and the MACD lines are about to make a bearish crossover. Moreover, the MACD histogram is already moving bearishly.

Only EMAs give bullish signals due to the golden cross. This indicates that the trend is still bullish in the short term.

It is important to note that Bitcoin price could begin a correction To reach the 0.382 Fibonacci level at around $63,280. This scenario represents a downside potential of approximately 5.4%. Additionally, major support awaits the BTC price at around $60,500.

BTC/USD price analysis (4 hours).
BTC/USD price analysis (4 hours). Source: Commercial view

Bitcoin dominance continues to rise in a parallel ascending channel

Additionally, the weekly chart indicates potential signs Until the end of the corrective movement. Bitcoin remained above golden ratio support at around $60,500 and is up more than 11% this week.

The MACD histogram started to rise this week after trending downward for six consecutive weeks. However, the MACD lines are still in a bearish crossover and the RSI is entering the neutral zone.

BTC Price Analysis (Weekly).
BTC Price Analysis (Weekly). Source: Commercial view

Meanwhile, on the monthly chart, the MACD histogram is rising again this month after falling last month. The MACD lines are still in a bullish crossover and the RSI is approaching overbought zones.

BTC price analysis (monthly).
BTC price analysis (monthly). Source: Commercial view

Bitcoin dominance continues to advance in the parallel ascending channel. The next important Fibonacci resistance is around 60.5%.

On the other hand, Bitcoin’s dominance finds significant support at the 50-month EMA, around 52.65%. Significant additional Fib support is around 50% and 45%.

The MACD lines are bullishly crossed and the RSI is in the neutral zone. However, the MACD histogram has been declining for several months.

Learn more: How to Buy Bitcoin (BTC) and Everything You Need to Know

BTCD analysis (monthly).
BTCD analysis (monthly). Source: Commercial view

However, the dominance of Bitcoin (BTCD) is on a clear upward trend. If the price of BTC rises, it could lead to increased Bitcoin dominance.

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