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Bitcoin price analysis: BTC/USD hits $61K as bulls set eyes on Mt. $70K

Cryptopolitan


TL;DR

  • Bitcoin price analysis of $60,000 is finally achieved as bulls set higher targets
  • The BTC/USD pair is all set to touch $62, 450 highs if the technical targets are spot-on
  • The $60,000 milestone comes amid rising volatility and overbought technical indicators
Cryptocurrency heat map by Coin360

Bitcoin price analysis of $60,000 price level has finally come true as the king of cryptocurrencies charts a new growth story. The fresh new all-time high stands at $60,660 as investors and traders look in awe. Just a week ago, the price was hovering near $46,700 lows, and now the BTC/USD has touched a fresh new peak.

The bears are struggling to grasp the price action. Even in the recent Bitcoin price analysis, the correction phases have turned into accumulation zones which ultimately renewed the bull trend. After struggling at $56,000 resistance, the price has broken past the previous all-time high of $58,000 to go beyond $60,000 resistance.

The consolidation period is over now as the bulls have finally broken past the Bollinger Bands. The rising price channel is also broken decisively along with heavy volumes. The breakout comes on the weekend when volatile price movements threaten to derail an ongoing trend. Thus, traders must tread with caution about excessive long positions.

Bitcoin price movement in the last 24 hours: Decisive breakout favors bullish uptrend

At the start of the day, the Bitcoin price analysis was stuck in a tight range. However, increasing volume and thin liquidity meant that the breakout was only a matter of time. The daily support has also moved higher to $45,000 from the earlier $41,650 on the back of today’s performance.

The fresh new highs have also helped post an inverse Head & Shoulders pattern considered a bullish omen. As a result, the price has touched a peak of $60,890 per the hourly chart study in Bitcoin price analysis. The target represents the 1.414 Fibonacci extension of the current uptrend.

Barring any last-minute surprises, the weekend is likely to close at fresh new all-time highs. The BTC/USD pair has risen by approximately 30 percent in the past five days. After crossing the $61,000 level, the next resistances lie at $62,180 and then at $65,000.

BTC/USD 4-hour chart: Breakout brings fresh new resistances into play

Bitcoin price analysis: BTC/USD hits $61K as bulls set eyes on Mt. $70K 2
Bitcoin price chart by TradingView

The range-bound movement inside the Bollinger Bands has been broken. The $62,170 is the next resistance on the charts. If the bulls can close the price above $59,000 at the end of the weekend, the price will undoubtedly chart its next course towards $70K.

On the other side, the overbought technical can bring in yet another short-term correction on the hourly charts. The initial support at $57,680 is key to Bitcoin price analysis. The .382 Fibonacci support at $52,235 will be the next if the selling pressure increases during the weekend.

The RSI is above 70 on the hourly charts and approaching overbought levels. The bulls are in charge of the price action with no respite in sight. The momentum is now going into the weekend with solid volumes amid tightening liquidity. Another explosive move upwards cannot be ruled out either. It is worth noting that the overbought technical indicators are not relevant in an extended bull rally.

Bitcoin price analysis conclusion: Sky is the limit for Bitcoin

As BTC/USD crosses $61,700, the next stop is anybody’s guess. The journey from last year’s March lows has been phenomenal. In the past year, Bitcoin price analysis has been reasonably bullish with regular stopovers. Today’s all-time highs are just another milestone in Bitcoin’s journey from $5,000 to $61,000.

The bullish outlook is further supported by many other factors such as solid fundamentals, technical indicators, institutional buying, and a positive crypto environment. The daily, as well as weekly charts are all beaming with positive candles. The ‘Cup-Handle’ formation on the charts is going to be another feather in Bitcoin’s cap. Substantial gains are not ruled out, provided bulls can maintain liquidity and volumes over the weekend.

Institutional buyers will step in once the price corrects on the hourly charts. Moreover, BTC whales have also supported the price higher. With $70,000 coming within range, Bitcoin price analysis is getting interesting every day.

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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