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07.11 - 22:55
What Bitcoin needs to do before challenging $70,000
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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
With Bitcoin now trading above its May ATH, the market is in anticipation of fresh milestones above the $67k-mark. The Fibonacci Extension tool can be used to plot BTC’s early-September drawdown from $53,000 to $40,000 to chart out potential targets going forward.
Before these targets are realized, however, it’s worth noting that a correction seemed to be developing off of an overbought RSI.
Hence, the focus would be on near-term support levels before BTC embarks on the next upswing towards $70,000. At the time of writing, BTC was trading close to its $65,000-levels.
Source: BTC/USD, TradingView
The 138.2% and
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