Bitcoin (BTC) price prediction today: Is $68,900 next target?

• BTC's Open Interest is relatively unchanged over the last few days whilst Funding Rates have remained positive but at normal/healthy levels.
• BTC's price increase from $63K to $66 K was mostly driven by Spot buyers.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Technical analysis

• Following a breakout from the downtrend line (red line), the price was able to reclaim above the horizontal resistance of $63,400 while maintaining the local uptrend.
• If the price were to pull back from here, we would look to the horizontal level of $63,400 as new support.
• If $63,400 is lost, we would expect the $61k area to support price.
• To the upside, the major horizontal resistance is at $68,900. We don't expect this to be overcome in the immediate term.
• The RSI is approaching overbought conditions, currently at 66, so this might suggest that a higher resistance (ie, $68,900) may likely act as too strong of a resistance in the short-term, if price is even able to retest that level in the immediate term.

Cryptonary's take

In the immediate term, we're slightly cautious about BTC. It's possible that BTC can continue its move higher and retest $68,900, but we're not confident that it can get beyond that in the immediate term. Price is up 24% in 3 weeks, so it's possible we can see a slight pullback either now or at some point very soon. However, beyond the immediate term, we're very bullish.

Therefore, we're looking to remain in Spot positions even though we think it's possible that we will see a slight pullback in the very near term. But, this isn't enough to entice us to sell; we'd prefer to just ride through any short-term volatility - assuming we're correct and we do actually see a slight pullback in the immediate term.

What is Bitcoin: Bitcoin (BTC) is the pioneering cryptocurrency introduced by the enigmatic Satoshi Nakamoto in 2008. It operates on a revolutionary decentralized ledger known as the blockchain and is widely regarded as digital gold due to its finite supply and secure, transparent nature. As the first and most recognized cryptocurrency, Bitcoin remains a cornerstone of the digital asset world.

Bitcoin's all-time high (ATH) is $75,757. 

How to buy:

• Via Centralized Exchange (CEX):
  1. Choose a CEX like Binance, Coinbase, or Kraken.
  2. Create and verify your account.
  3. Deposit fiat or other cryptocurrencies.
  4. Navigate to the BTC trading section and complete your purchase.