With nothing to stop it, Bitcoin is reaching a potential profit-taking zone. Is a correction imminent? Find out in this BTC analysis for Wednesday, February 28, 2024.

It’s Wednesday, February 28, 2024 and the Bitcoin (BTC) price is at its highest since November 2021 at around $59,100.

Within $1,000 of the psychological $60,000 level, will Bitcoin make it through or should we expect an imminent correction?

After breaking the $50,000 barrier a few days ago, Bitcoin continues its meteoric rise, posting a very impressive +39.29% breakthrough over 30 days.

A return above $60,000 in the next few hours ?

We’ve been keeping an eye on Bitcoin for several weeks now, as it continues to rise following the breakout of its yellow bullish channel.

This event triggered a target of around $61,170, which should be reached in the next few days, if not hours.

With no more resistance in the way, there’s a good chance that the price will at least temporarily attempt to break through the $60,000 barrier.

Secondly, we can certainly expect a number of sellers to take profits, especially as the price has been rising since the beginning of the year.

All in all, Bitcoin remains bullish and should revisit its ATH at $68,900 by the end of the year. In the meantime, the next major resistance will be at around $65,590 (top of the weekly range).

A correction could therefore take place after a rejection of the sub-$60,000 price, with the price returning to the $55,000 zone, the next major support (daily Tenkan).

In summary, Bitcoin has an important target at around $61,170, a level on which the price could be rejected for a short-term correction.

So do you think BTC will manage to break back above $60,000 in the next few days?

Don’t hesitate to give us your opinion in the comments. 👇

Have a great day and see you tomorrow for a new analysis ! 📈

David

Source : BTC/USD chart by TradingView