Bitcoin maintained its momentum after a recent surge, staying above $65,000. This follows an 8% rally in less than 24 hours, reaching its highest point since late April.
Experts weighed in on what might be next for the cryptocurrency.
Market Fundamentals
Investment advisor Brett Sifling attributed the rise to hopes of a Federal Reserve rate cut later in 2024. He believes increased institutional adoption could also propel Bitcoin forward.
Technical Analysis
Sifling highlighted key technical levels to watch: the March highs around $74,000 as resistance and the recent lows near $56,500 as support.
Also read: Stripe Re-enters Crypto Payments Market with Stablecoins
Grant Tungate of Blockforce Capital echoed similar levels, pointing to $67,300 as a potential new high and $57,000 as a key support zone.
Independent analyst Armando Aguilar sees support in the high $62,000 range and resistance around $66,000. He believes surpassing the all-time high might require a significant increase in investments.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial advice. Before making any investment decisions, please consult with a qualified financial advisor.
