Bitcoin is back in bullishness and is gaining momentum and moving towards higher targets.
Price got oversold near $56.5K support and bounced back up. It’s now broken back above 200-day MA and above $60K key level, which signals resumption of uptrend with 20% upside potential back to $72K.
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Bitcoin Next Target
- Current Price: $67,800
- Market Cap: $1.4 trillion
- 24h trading volume: $4.5 trillion
Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance. Following a resistance breakout, the next closest resistance zone becomes a price target.
Weekly Price Analysis
- Weekly High: BTC reached a high of $68,000 earlier in the week.
- Weekly Low: The lowest price recorded this week was $62,000.
- Volatility: 9% swing between its weekly high and low.
- Trend: Short-term trend is Strong Up, Medium-term trend is Up and Long-term trend is Neutral.
- Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
- Support and Resistance: Nearest Support Zone is $60.00, then $50.00.
News Roundup
- Bitcoin ETFs: The U.S. spot Bitcoin ETFs have seen over $17 billion in net inflows, indicating strong institutional interest.
- Corporate Adoption: Marathon Digital Holdings announced a $100 million investment in Bitcoin, adopting a full HODL strategy.
- Regulatory Updates: The U.S. government transferred $4 million in seized Bitcoin to an unidentified wallet, reflecting ongoing regulatory activities.
- Market Movements: Mt. Gox creditors are beginning to receive their Bitcoin payouts.
Indicators Value
- Relative Strength Index (RSI): 65, suggesting it is approaching overbought territory but still has room for growth.
- Moving Averages: The 50-day moving average is at $61,500, while the 200-day moving average is at $58,000.
- MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, signaling bullish momentum.
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