Bitcoin (BTC) after a successful break above its bearish trendline recently has continued to point out strong bullish momentum which can mark a major shift in market sentiment. Because the digital asset continues to strive above the bearish trendline, it has stirred up optimism amongst traders and investors alike as as to whether it could possibly sustain its momentum and achieve the $60,152 mark.
In this text, BTC’s recent price formation can be analyzed with the assistance of some technical indicators to establish if it could reach the $60,152 mark and what it could mean for the longer term of the world’s leading cryptocurrency.
With a market capitalization of greater than $1.1 trillion and a trading volume of greater than $24 billion as of the time of writing, the worth of Bitcoin is currently down by 1.37%, trading at around $58,119 within the last 24 hours. BTC’s market cap and trading volume are currently down by 1.37% and 11.67%, respectively.
Bitcoin Bullish Momentum Holds Strong
Currently, on the 4-hour chart, the worth of BTC is on the rise and attempting a move towards the 100-day Easy Moving Average (SMA) and the $60,152 mark with strong bullish momentum. Also, it could possibly be noticed that the crypto asset has broken above the 4-hour bearish trend line, made a retest, and started to maneuver upward again.
Source: BTCUSDT on Tradingview.com
The formation of the 4-hour Composite Trend Oscillator also suggests more bullishness for BTC’s price as each the signal line and the SMA of the indicator try to cross above the zero line and are heading towards the overbought zone.
On the 1-day chart, the worth of Bitcoin is experiencing a powerful momentum, rising above the bearish trendline and toward the $60,152 mark. It is vital to notice that BTC’s price began rising after a bearish drop on the day past.
Source: BTCUSDT on Tradingview.com
Finally, a careful statement of the 1-day composite trend oscillator reveals that the signal line of the indicator is attempting to cross above the SMA, and each try to maneuver out of the overbought zone. This formation thereby indicates that the crypto asset could also be poised for more bullish move.
What Could Occur If BTC Reaches The $60,152 Mark?
Exploring potential outcomes if Bitcoin reaches the $60,152 mark shows that if the digital asset’s price reaches the $60,152 mark and breaks above it, it could proceed to rise to check the $64,515 resistance level. When this level is breached, BTC may experience more price growth toward the $66,736 resistance level and possibly other points above.
Conversely, should BTC experience a rejection on the $60,152 mark, it’ll begin to drop again toward the $53,541 support level. Moreover, BTC may experience an additional price drop to check the $50,604 support level and doubtless other lower levels, if the $53,541 goal is breached.
BTC trading at $58,165 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com