BTC Bulls Target $73k Resistance as Momentum Grows
2024-09-25



 Technical Analysis: 

 1. Bullish Structure and Price Action: 
 
 The price of  BTC/USDT  has bounced back off the key $53k support zone, which has acted as a strong demand level multiple times.
 A downtrend line has been broken, signaling a potential reversal from the bearish trend that has dominated the market.
 The price is currently positioned above the  Trend and Ribbon  on the  1-week, 1-day, and 4-hour  timeframes, showing strong bullish sentiment.
 Price should break above $ 65k to confirm further upside momentum.
 

 2. Indicators and Oscillators: 
 
 Bullish Regular Divergences  are visible, supporting the potential of a bullish reversal.
 The  Smooth OSC  is showing bullish signals across timeframes, with increasing momentum on the higher timeframes.
 

 3. Key Levels and Entry Points: 
 
 The price has successfully held the  $53k  support and is currently testing higher resistance levels.
 A confirmed break and retest of the  $ 65K  level would provide a strong bullish signal for further upside.
 On the downside, the  $53k  support remains a crucial level to hold for the bullish scenario to remain intact.
 

 4. Targets and Resistance Levels: 
 
 The immediate target for BTC is the  $ 73K  resistance level.
 If this level is broken, the next targets would be  $ 84k  and  $ 106k  based on Fibonacci extension levels and prior price action.
 These levels could act as significant profit-taking areas or points of resistance before the price continues upward.
 

 Conclusion: 
 
 BTC/USDT  is showing strong signs of a bullish reversal after bouncing from the $ 53k support zone and breaking a downtrend line.
 Momentum is increasing, and bullish signals are evident across various timeframes, suggesting further upside potential if the price breaks key resistance levels.
 Watch for a break and retest of $ 65K for confirmation of further bullish momentum.
 

 What’s your outlook on BTC/USDT?  Let’s discuss potential setups and trading strategies in the comments below!

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