Bitcoin (BTC) has made a remarkable rebound today, showcasing the bulls’ control over the market. After a drop below $63,000 during the last weekend, the leading cryptocurrency has witnessed a surge of 3.06%, briefly surpassing the $67,500 mark, to a daily high of $67,744.19

. The push has reignited talks of a significant rally, with Bitcoin attempting to breach the $68,000 resistance zone. A successful move above this could set BTC up for continued upward momentum.

The market’s sentiment toward Bitcoin has turned positive as the price has successively climbed back above the $65,000 mark. Climbing past $66,500 and $66,000 resistance levels, BTC encountered pushback near $67,500 and $68,000. Despite bearish resistance, a peak formed around $67,614, and the current phase of consolidation is keeping prices steady above $65,000 and the 100 hourly simple moving average.

BTC/USD Technical Outlook: Ascending Support Awaits a Bullish Break

The BTC/USD pair is trading within a crucial juncture on the 4-hour chart, characterized by an ascending support line that has been guiding price action from the lows formed in early March. Currently hovering around $67,333, Bitcoin has shown resilience, bouncing off this trend line that signals growing buyer momentum each time the price touches it.

The Moving Average Convergence Divergence (MACD) indicator presents a modest bullish signal, with the MACD line (blue) slightly above the signal line (orange), suggesting buyers could be gaining the upper hand. However, the histogram reflects a reduced bullish momentum, indicating a need for caution among traders.

Looking forward, if the buying pressure continues and Bitcoin successfully maintains its ascent along the support trend line, the next significant resistance is anticipated at around the $73,600 zone, where previous highs have been encountered. A decisive breakout above this level could usher in a new bullish phase for BTC.

Conversely, should the price fail to sustain this momentum and break below the ascending support line, immediate support is expected near the $66,000 mark, with further cushions at $65,182, a level aligning with recent price consolidations. A break below this could lead to an encounter with the $59,018 support region, marking the next crucial foothold for Bitcoin’s price.

“Rich Dad Poor Dad” Author Bullish on Bitcoin, Predicts Significant Surge

Robert Kiyosaki, the author known for “Rich Dad Poor Dad,” is betting on Bitcoin’s future. He’s set to purchase more Bitcoin, citing the upcoming halving as a key growth trigger. Kiyosaki advises investors to buy fractions of Bitcoin through ETFs or Satoshi units, predicting a price surge to $100,000 by September 2024.

In the face of global economic challenges, Kiyosaki also recommends adding silver and gold to investment portfolios. His stance is to prepare for potential fiat currency devaluation amidst growing national debts and geopolitical risks. With Bitcoin currently considered “overbought” by JPMorgan, the market remains vigilant as the halving approaches, with the potential for continued profit-taking activities.

Looking ahead, Bitcoin faces immediate resistance at $67,500, followed by a more substantial barrier at $68,000. If buyers manage to propel the price above these levels, we could witness strength gaining for a rally toward the $69,200 zone, with the ultimate resistance for the period at $70,000.

However, should Bitcoin falter at the $68,000 mark, a downward correction could ensue. Support levels are waiting at $66,000 and further down at $65,200 – the latter being the 50% Fib retracement level of the recent surge. 

A more considerable drop could see Bitcoin heading toward the $63,800 support or, in a more bearish scenario, descending to the $61,200 level. Prices closing below $63,800 could lead to a dip reaching the $60,500 support zone.