Can Bitcoin Soon Break Past the $68,000 Resistance?

• Bitcoin (BTC) declined by 0.70% in the past 24H, trading at $67,626.
• The daily RSI is at 52, indicating neutral sentiment in the market.

Bitcoin (BTC), the leading cryptocurrency by market cap, hit close to its all-time high last month, fluctuating between $58,000 and $71,000. Currently trading at $67,668, BTC is struggling to break past the $68,000 mark amid a recent decline.

In the past 24 hours, BTC prices have dropped by 1.05%, with trading volume down 7.69% to $23.43 billion. This bearish trend may be attributed to President Biden’s veto of Congress’s crypto custody bill, aimed at repealing SAB 121. This controversial measure has been criticized for potentially deterring financial institutions from offering crypto asset custody services, posing challenges for traditional financial firms involved in cryptocurrency.

Bitcoin Price Chart (Source: CoinMarketCap)

Will The BTC Bulls Win Over?

Analyzing the 24-hour price chart, Bitcoin’s key resistances are noted in the $68K–$70K range. Initially, it might test a resistance of $68,760. If the bullish trend persists, the next key resistance range might be $71,349. Furthermore, the higher target might be marked at the $72,550 level.

Contrarily, if the bears take the lead, they may witness Bitcoin prices dipping within the $65.5K–$66.5K range. When it takes up the bearish pace, BTC might fall to a support of $66,490. In the case of a strong bear signal, the price of BTC would dip further to the $64,890 range. In terms of market sentiment, the daily relative strength index (RSI) stood at 57.21 in neutral condition.

Analysts have stated that Bitcoin will likely experience a bullish run in 2024. As it’s halfway through the year, prices are expected to cross above the $70K resistance, and the year-end will be marked by a brief price dip. Furthermore, BTC price predictions for the upcoming years suggest the asset will hit a $1 million breakthrough. Moreover, the Spot Bitcoin ETFs launch has driven traditional investors into the crypto market with anticipation, and it’s been in upward momentum in recent times.

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