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A new high for Bitcoin

Technical Analysis
By Ahmed Ashraf
A new high for Bitcoin
0 6

BTCUSD

البيتكوين

Bitcoin is trading above the support area of $72,000, and prices are likely to rise towards the resistance area at $73,500. This scenario would be invalidated if the aforementioned support area is broken to the downside.

In recent trading sessions, Bitcoin has shown strong upward momentum, reaching new highs as investor interest continues to grow. After establishing support around the $72,000 level, Bitcoin rose significantly, targeting key resistance levels like $73,500.

This upward trend reflects increasing optimism in the cryptocurrency market, with Bitcoin seen as a hedge against economic volatility and inflation. However, given its recent rapid rise, there are potential resistance zones that may slow the pace of the ascent, potentially leading to a period of consolidation before further gains.

Overall, Bitcoin’s current performance indicates a positive outlook, though volatility remains a factor to consider, as traders closely monitor support and resistance levels to confirm this view.

You can now benefit from LDN company’s services through the LDN Global Markets trading platform

Ahmed Ashraf

Research Department at LDN Global Markets

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