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Bitcoin price analysis: BTC bulls relentlessly pursue $61K next

Cryptopolitan


TL;DR Breakdown

  • Bitcoin price analysis is painted in bullish as BTC/USD crosses $55,250
  • Bulls have found massive support at $52,500 and use dips to accumulate more
  • The key psychological level of $50,000 is safe and institutional buyers are playing big time
Cryptocurrency heat map by Coin360

The BTC/USD pair is all painted in the green candles as the bulls post fresh new highs on the daily charts. The buyers of large institutions, daily traders, and long-term investors have all used the price dips to accumulate long positions. At the time of writing, BTC trades at $55,550 and fast approaching the all-time high region.

The 50-day simple moving average trades below the price at $51,150, giving ample support to the bulls. The successful break beyond the $54,200 has opened up new resistance levels, the most prominent being the $58,000 all-time highs.

Long-term investors and institutional buyers have opened up their purses to collect more of the BTC/USD pair. Short-term traders may book profits near the $56,600 zone as the pair moves higher aggressively. A short-term top may arrive at $58,000 high.

Bitcoin price movement in the last 24 hours: Steadily upwards

The price action has reflected what the crypto exchanges show – a steady inflow of money into the crypto realm. As per Bitcoin price analysis, the rising demand comes from the increase in BTC/USD price, which has surpassed the psychological $50,000 resistance. The influx of money into Bitcoin and altcoins shows that the recent price dip accelerated the long positions paving the way for more large corporations to add BTC to their portfolio.

The latest large purchase comes from the American Residential Warranty that just added Bitcoin to its portfolio. The uptrend in Bitcoin price analysis is confirmed by the rising 50-day moving average that shows ascension in line with the rising price channel. The increasing floor of underlying support levels also suggests that bulls have large buy orders underneath the current price.

The February sell-off can be attributed to short-term profit booking along with overbought technical indicators. The buyers came to defend the $45,000 support level. Subsequently, they turned the correction into another accumulation phase by collecting more BTC volumes. The $50,000 psychological level breach shows the capitulation of the BTC/USD pair under the $50K level.

BTC/USD 4-hour chart: Technicals support upward momentum

Bitcoin price analysis: BTC bulls relentlessly pursue $61K next 2
Bitcoin price chart by TradingView

The technical indicators are all lining up perfectly for an uptrend in the coming days. The 4-hour chart of BTC/USD is showing positive green candles with higher lows while remaining safely within Bollinger Bands. The upside momentum is confirmed by the rising RSI, which is currently at 63 level. The MACD is staging a cross-over but has sufficient room for an uptrend on the hourly charts.

After breaking out of the $52,050 resistance, an ascending price channel emerged on the Bitcoin price analysis indicating further upside momentum. The bullish pattern is lining up the target of $61,320 in the near term on the hourly charts. The Bollinger Bands, although not stretching, are steadily moving upwards.

The bears will attempt profit booking near the $58,000 level. Any increase in selling pressure may result in a short-term correction towards the $52,0450 support level. However, the long-tail candlestick pattern suggests that the bulls won’t give much room to bears in short-selling. Bitcoin price analysis suggests that the price corrections will only result in more ‘buy-on-dip’ action by the bulls.

Bitcoin price analysis conclusion: BTC/USD all set to cross $60,000

The 20-day exponential moving average of the BTC/USD pair stands at $50,100 and supports any short-term correction. Bulls control the daily charts and a 100-day simple moving average rising from $44,589 level. The bulls will have to maintain consistent buying by pumping more volumes to accelerate the uptrend in Bitcoin price analysis.

The U.S. dollar and the treasury yields are muted, further supporting the fundamental picture of a bullish Bitcoin price analysis. Any attempt below $52,490 will only attract more buying from the institutional buyers.

There are no immediate signs of a brewing sell-off on the front of the technical indicator. The next target on the hourly charts is $57,000, which will open up the $58,000 resistance. The price is likely to stall at all-time highs before moving forward to achieve the $61,000 level next. As the weekend approaches, the price action will only intensify in the next 48 hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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