- Bitcoin could reach $64,000 if BTC’s 4-hour candle closes strongly above the $60,700 level.
- Long positions are comparably higher than short positions, which is a sign of impending bullishness.
The general sentiment in the cryptocurrency market changed after Germany completely sold off its Bitcoin [BTC] possessions. These changes not only turned the overall crypto assets green, but also helped BTC break the $60,000 level.
Bitcoin breaks through the major resistance level at $60,000
Since July 3, 2024, BTC has attempted to break the $60,000 level several times but failed. Multiple rejections weakened this level and this time it was easily broken.
If it closes with a strong daily candle above $60,700, there is a good chance we see BTC at the $64,000 level in the coming days.
Aside from the German government’s sell-off of BTC, another possible reason that made market sentiment somewhat bullish is the continued inflow into spot Bitcoin Exchange Traded Funds (ETFs).
During the period, when the market as a whole was bleeding, ETF traders showed strong confidence and interest in BTC by buying the dip, data from an on-chain analytics firm shows. spoton chain.
Technical analysis of BTC and key levels
According to expert technical analysis, BTC looks bullish as it trades above its 200 Exponential Moving Average (EMA) on a daily time frame. A price above the 200 EMA indicates bullishness in the chart.
In addition to this bullishness on a higher time frame, it also formed a bullish rising triangle price action pattern on a 4-hour time frame. If this produces a strong candle that closes above $60,700, there is a good chance we see a bullish move towards $64,000.
Source: TradingView
However, if BTC reaches the $64,000 level, nearly $1.22 billion in short positions will be liquidated.
Additionally, data from analytics firm CoinGlass indicates that bulls’ long positions have been comparably higher than those of short sellers over the past seven days.
Source: CoinGlass
At the time of writing, BTC was trading around $60,140 and experiencing 3.5% upside over the past 24 hours.
Meanwhile, open interest (OI) rose 5.3%, indicating strong confidence and interest among investors and traders. According to Coinmarketcap data, BTC has gained more than 4.6% in price over the past seven days.
Altcoins, including Ethereum (ETH), Solana (SOL), Cardano (ADA), and XRP (XRP), have also seen similar upward moves.