Bitcoin continued to move upwards on the short-term charts, where it reached a high of $81,359. Sharing the 4-hour BTC/USD chart, Man of Bitcoin stated that the price continues to move in a rising channel, but the short-term wave structure does not show a definite direction at the moment.
According to Man of Bitcoin’s analysis, $74,917 has been determined as the main support level. The fact that the price continues to remain above this level shows that the upward movement can continue without a significant pullback.
Support Area Determined by Fibonacci
In the shared chart, there is also a prominent support zone between $ 76,103 and $ 77,709. This area was created based on Fibonacci retracement levels; Among the relevant levels, the 0.5 point is at $77,709, the 0.618 level is at $77,042, and the 0.786 point is at $76,103.
The analyst noted that the price may experience a pullback towards this support zone before Bitcoin continues to strengthen. Even if there is a pullback, the general bullish structure will remain valid as long as the price does not fall below $74,917.
Currently, the price is hovering above the main support zone, and a strong upward break is expected. However, if there is a break below $74,917, the bullish view may be at risk and a deeper correction may arise.
Potential Upstream Targets
In the analysis where the rising channel is clearly drawn, if the price rises above this channel, it will be considered that the second wave has completed its bottom. It is stated that in a possible upward breakout, Bitcoin may first reach its target of $87,000 and then $90,000.
According to CryptoAppsy data, the current price of Bitcoin is at $ 81,359. As the price approaches the upper part of the channel, optimism in the market appears to increase. However, in case of a sharp decline, the $74,917 level is especially critical.
Bitcoin Dominance Grows Stronger
Bitcoin’s share in the total cryptocurrency market increased to 61.21 on the BTC.D chart. Sharing the analysis, Daan Crypto Trades stated that Bitcoin gained strong momentum from this rate, which was at 59.55 at the opening of the year.
In recent weeks, BTC has been performing better than altcoins. While Bitcoin’s market share increased, the weakness in ALT/BTC parities continued. The next resistance point is at 62.24. Previous contacts to this level had seen strong reactions; The direction of the movement in this region may become clear again in the near future.
The fact that Ethereum remains close to its February lows against BTC affects the general market dynamics to the detriment of altcoins. When Ethereum’s share was suppressed, Bitcoin’s market dominance increased. Bitcoin’s lead may increase if dominance rises above 62.24; Otherwise, altcoins may have a chance to accelerate again.
