TL;DR Breakdown
- BTC/USD price has smashed multiple resistance levels and is on its way to the $60,000 price level.
- The pair has to overcome a major resistance near $56,000 to beat the existing all-time high.
- Bitcoin has not responded inversely to spiking interest rates of the bonds.
BTC/USD Price Prediction: General price overview
BTC/USD price smashed multiple resistance levels and is on its way to the $60,000 price level. Earlier, we mentioned the coin would continue its uptrend if it broke the $50,000 psychological resistance. Not only did it break $50K, but it also broke out above the $51K and $52K supports. Bitcoin opened the daily chart with a healthy uptrend from $52,037 to $53,528. The digital asset is now trading well above a positive zone and above the 100 simple moving average.
But if the coin is to challenge the prevailing ATH, it must overcome a major resistance near $56,000. The good news is that the Moving Average Convergence Divergence (or MACD) signifies a strong bullish pattern.
On the other hand, the bears are attempting to pull the price below the 38.2% retracement level from a 28-day high. A bearish trendline could also form around the 21-day simple moving average at $52,019.
Breaking above $51K is a significant milestone since the coin has always been rejected around this area since mid-February. This is a price zone that has served both as a support and a resistance, and the bulls hope to overcome the hurdle this time and hit a fresh ATH above $60K.
The candlesticks have turned green, and the coin has already broken out of the descending channel it had formed by the end of the weekend. Furthermore, three more supports took shape at the 200 and 300-day exponential moving average. As a result, the BTC/USD pair regained the bulls’ lost glory and closed the price above all the moving averages.
A previous Bitcoin analysis on Cryptopolitan had reported Bitcoin responded bearishly following spiking 10-year bond yields. Fortunately, the yields have gained by 1.6% but have no significant effect on the price of Bitcoin. However, U.S stocks have already plummeted as a result of the treasury bonds. This becomes the only time Bitcoin has not responded inversely to spiking interest rates of the bonds. In fact, Bitcoin is even continuing a 5-day uptrend.
Another bullish pattern indicator remains to be the balances held on the top 100 exchanges. Glassnodes suggests the balances have hit their lowest volume since November 2018. Analysts believe this is a bullish signal and indicates traders are not willing to sell out their long positions.
BTC/USD price movement in the past 24-hours
Bitcoin formed a key rising channel along $52,001 and near the same level. On the 24-hour chart, the next key support is near $53,370. The bears are putting more pressure to bring the price below this support level so as to invite further losses. Any slight losses below $53,370 could cause a downswing below the 50% Fibonacci retracement level of the upward price correction from a 4-week low of $47,141 to a high of $51,853. We can also see major support has already taken shape at $52,018.
BTC/USD 4-hour chart
(Source: Tradeview)
The 4-hour chart shows BTC/USD could be correcting lower despite trading well above the $52k support. Bitcoin was rejected from a 1-hour upward channel at $53,634. The digital asset is now trading at $53,533 and seems to be heading for a downswing.
BTC/USD Price Prediction
Bitcoin’s trading volume is still flat and has indicated no surges for the past few days. This still justifies the low balances across exchanges, making it a bullish signal for the leading cryptocurrency. Bulls hope to maintain the price of BTC above the $52,000 and are still targeting to break the $56,000 resistance.
Conclusions
First things first, there are price weaknesses to deal with at the $53,600 price zone, and maybe this could pave the way for a gradual uptrend towards $58,000. Bitcoin’s 24-hour chart has the next significant resistance at $53,600 and $54,800.
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