Bitcoin (BTC) continues to show strong bullish momentum after successfully breaking above its bearish trendline recently, which could mark a significant shift in market sentiment. As the digital asset continues to aim above the bearish trendline, it has stoked optimism among traders and investors alike as to whether it can maintain its momentum and reach the $60,152 mark.
This article will analyze BTC’s recent price formation using some technical indicators to determine whether it could reach the $60,152 mark and what this could mean for the future of the world’s leading cryptocurrency.
With a market cap of over $1.1 trillion and a trading volume of over $24 billion at the time of writing, Bitcoin’s price is currently down 1.37%, trading around $58,119 over the past 24 hours. BTC’s market capitalization and trading volume are currently down 1.37% and 11.67% respectively.
Bitcoin’s bullish momentum remains strong
Currently, the price of BTC is rising on the 4-hour chart and is trying to make a move towards the 100-day Simple Moving Average (SMA) and the $60,152 mark with strong bullish momentum. It can also be noted that the crypto asset has broken above the four-hour bearish trendline, retested and moved back up.
The formation of the 4-hour Composite Trend Oscillator also suggests more bullishness for the price of BTC as both the indicator’s signal line and SMA attempt to break above the zero line and head towards the overbought zone.
On the 1-day chart, Bitcoin’s price is experiencing strong momentum, rising above the bearish trendline and towards the $60,152 marks. It is important to note that the price of BTC started to rise after a bearish decline the day before.
Finally, a careful observation of the 1-day composite trend oscillator reveals that the indicator’s signal line is trying to cross above the SMA, and both are trying to get out of the overbought zone. This formation thus indicates that the crypto asset may be ready for a more bullish move.
What could happen if BTC reaches the $60,152 mark?
Examining possible outcomes if Bitcoin reaches the $60,152 mark shows that iIf the price of the digital asset reaches the USD 60,152 mark and breaks above, it may continue to rise to test the USD 64,515 resistance level. When this level is violated, BTC could experience more price growth towards the $66,736 resistance level and possibly other points above.
Conversely, if BTC experiences a rejection around the $60,152 mark, it will start falling again towards the $53,541 support level. Moreover, BTC may experience a further price decline to test the USD 50,604 support level and likely other lower levels, if the USD 53,541 target is breached.
Featured image from iStock, chart from Tradingview.com