Analytics / Forex and Crypto News
Bitcoin price started a new bullish rally yesterday. As the result, yesterday the price exceeded $63000, and today rose above $64000. Analysts expect Bitcoin's price to rise above $65000 amid Coinbase's IPO on the NASDAQ exchange. And this can happen today.
Investor sentiment and forecasts are having a favorable effect on the price of Bitcoin. Back in late March, investors predicted a rise in the price of Bitcoin to $80000 in the options market, and now such a scenario does not seem so fantastic as before. Analysts predict that Bitcoin will not only be able to hit $70000 by the end of April but also test higher values.
If the bears fail to push the Bitcoin price below $61700, then the cryptocurrency will keep its upward price trend. Now the level of 65000 is the first hurdle, and then 70000 will become an important psychological level.
On the price chart, the BTC/USD pair is trading well above the 100-hour moving average. Immediate support formed around the level of 63000.
If the BTC/USD pair fails to rise above 65000, a short-term downward correction could occur. A break below the support level of 63000 could trigger a drop to the level of $61800.