- Bitcoin (BTC) broke about above the $60,000 key resistance.
- Bulls remain intact and are defending the coin from sloping downwards below the $60,800 support.
- The next resistance level lies near $62,000.
Bitcoin Price Prediction: General price overview
Bitcoin(BTC) broke about above the $60,000 key resistance after undergoing a month of forbearing price consolidation and correction. The Bitcoin market witnessed a historic surge this weekend, following a steady break above the $55,000 resistance. The bulls adjusted and strengthened the technicals until the coin finally thrashed another resistance at $58,000. As a result, Bitcoin has been trading above $60,000 and the 100 simple moving average for the better part of yesterday.
The BTC/USD pair had been struggling with a month-long target of $60,000. Facing several mild price movements and repeatedly testing all time high of $58,350. Now the top coin is trading at $60,896, after hitting a record high of $61,789 against the US dollar.
Bitcoin bulls heightened their anticipation for a record run and had steadily consolidated strength to beat multiple resistances. On Friday, all the indicators were pointing towards a bullish uptrend, and the market was expecting an upward correction above $60K.
Now the bulls have adjusted their target and are aiming for a historic $72,000 price level. This will be followed by a price target above the $100,000 support. While anticipation for further price surges heightens, the bears are preparing the market for dramatic sell-offs. A situation that may otherwise overturn the upward trend and create a dramatic downswing towards $57,000. However, Bitcoin has a solid support base of $59,500, and the bulls are likely to defend this support at all costs.
Bitcoin price movement in the past 24 hours
Bitcoin is correcting upwards and has already recovered above $61,000. This is after the coin faced a slight downside to $60,800. Besides, the coin has formed its first support around $60,000. The bulls are optimistic about taking complete control of the price and are forming a key ascending trendline with support at $58,500. Chances of a downside are less, but a slight downward correction could invite a decline towards lower supports.
Bitcoin surged to $61,000 on the daily chart. However, the historic upward correction had faced intense selling pressure around $61.8K, a price level where BTC set its ATH. However, the bulls remained intact and are defending the coin from sloping downwards below the $60,800 support.
Bitcoin 4-hour chart
There are two price hurdles on the upsides. These two are $61.5K and $61.8K. Both hurdlers are created by selling pressure. The bulls are hoping to break the $61.8 resistance and pave the way for an upside, targeting $62,500. There is another resistance at $65,000, which serves as the next key resistance on the BTC chart.
Bitcoin’s bulls are gaining solid momentum upward and are only waiting to break the $61,800 resistance. Once done with this price level, Bitcoin’s price might go on with its uptrend to $65K.
Traders are now poised towards the 1.618 Fibonacci extensions at $70,000, which they perceive as the next target for Bitcoin. Ethereum, which on most occasions, trades in sync with Bitcoin, also witnessed a 13% gain on the daily chart. Other altcoins followed suit, and most of them recorded double gains.