Bitcoin Holds above $60,000 Psychological Price Level, Revisits $62,900 High
The Bitcoin (BTC) price continued its uptrend today, reaching the high of $62,318. Buyers are trying to retake the previous high of $62,900. If the bulls break the recent high, the cryptocurrency will go up to $75,000.
In the previous price action, the bulls failed to sustain the bullish momentum above the $62,900 high. As a result, the BTC price fell back to the support at $59,000 as the bulls bought the dips. Today, buyers initiated a new uptrend to break the previous high. Can the bulls break the recent high? The Relative Strength Index is at 73, which suggests that Bitcoin has no room for a new uptrend. In other words, the price of BTC has reached the overbought zone. If the bulls fail to break the recent high, BTC/USD will be forced into a trading range between $59,000 and $62,500.
Bitcoin indicator reading
The cryptocurrency is above 80% of the daily stochastic range. Bitcoin is in bullish momentum and approaching overbought territory. The moving averages of the 21-day line and the 50-day line are pointing north, indicating an uptrend. If the price breaks below the moving averages, the uptrend will be over.
Technical indicators:
Major Resistance Levels – $65,000 and $70,000
Major Support Levels – $60,000 and $55,000
What is the next direction for BTC/USD?
On the 4-hour chart, the BTC price has retraced to support above the 21-day moving average line. The bearish candlestick also tested the bullish trend line and resumed a new uptrend. Had the candlestick broken through the trendline yesterday and closed below it, selling pressure would have resumed. Bitcoin will resume a downtrend.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
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