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Bitcoin’s new resistance and support levels to watch this week

Bitcoin’s new resistance and support levels to watch this week

Bitcoin’s (BTC) price has weakened again after failing to steady above the $65,000 zone, with the cryptocurrency continuing to be weighed down by rising geopolitical tensions in the Middle East.

As Bitcoin remains bearish, the majority of the market is monitoring its direction, particularly given that the price movements are playing out in a monumental week characterized by the upcoming halving.

In line with this, crypto analyst  Ali Martinez, in an X (formerly Twitter) post on April 16, pointed out that Bitcoin has established new support and resistance levels investors should watch.

According to the expert, Bitcoin has entered a consolidation phase within a parallel channel, with $61,000 emerging as the pivotal support level and $72,400 as the formidable resistance level.

Bitcoin seven-day price chart. Source: TradingView/Ali Charts

Potential price targets 

Martinez noted that Bitcoin is susceptible to breaking in either direction based on this price juncture. He highlighted that a breach below the support level could trigger a downward spiral towards the $50,000 level.

At the same time, should Bitcoin bulls take charge of the crypto, it could propel its price toward new heights, potentially reaching a new all-time high above $80,000.

“By the looks of it, Bitcoin has been consolidating in a parallel channel, which makes $61,000 the most important support level and $72,400 the most important resistance level. If BTC breaks below support, it could drop to $56,200 or $51,600. But if BTC can break past resistance, the next price targets are $79,000 and $86,000,” he said. 

As new Bitcoin levels emerge, it’s worth noting that the cryptocurrency’s ascent towards $70,000 hit a snag despite Hong Kong regulators introducing spot crypto exchange-traded funds (ETFs). Nonetheless, this move offers Hong Kong and Chinese investors some exposure to crypto markets following the effective ban on cryptocurrencies in mainland China in 2021.

It remains to be seen whether the Hong Kong ETFs can inspire a rally in Bitcoin similar to U.S. markets.

Bitcoin price analysis

After reaching a daily high of approximately $66,300, Bitcoin has retraced and is struggling to maintain its price above $63,000. At press time, Bitcoin was trading at $63,225, marking a correction of almost 5% in the last 24 hours.

Bitcoin seven-day price chart. Source: Finbold

As bearish sentiment continues to dominate Bitcoin, investor interest now centers on the impact of the upcoming halving event.

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