TL;DR Breakdown
Bitcoin price analysis is bullish today.
BTC bulls are on a march towards new discoveries.
The nearest resistance is found at $62,942.
The nearest support for BTC is found at $59,020.
The Bitcoin price analysis reveals the Pioneering cryptocurrency is near ATH as the price crossed the $60,000 mark yesterday. Now the king crypto is floating at $61,763 at press time, with bulls leading the price function. The price is quite close to retesting an all-time high of $64,900, as, at one instance, the price went as high as $63,105. As the price floats at $61,763 above the $61,679, which is the bears last defense in the current scenario, the doubts of if the bull cycle will continue? Are mostly washed out. It seems like the $63,000 is the last hurdle before the king’s last argument for a new ATH.
BTC/USD 1-day price chart: BTC dawn breaks above $61,000
The 1-day price chart for Bitcoin price analysis shows the bullish momentum is still in its bloom as the price is again increasing. The BTC/USD pair is trading between a range of $61629-$61763 today; as the price function is upwards, the range towards the later value will increase in the coming hours. The BTC/USD has gained over 4.4 percent value during the last 24 hours and has gained nearly 14 percent value over the past week. Trading volume has also increased by 18.5 percent if observed over the last 24 hour period.
BTC/USD 1-day price chart. Source: Tradingview
The volatility is high for the BTC/USD pair, with the upper Bollinger band at $64,336 representing the resistance and the lower band at $39,451 representing the lowest support for BTC/USD. The Bollinger bands are on an upwards breakout giving hopes for further upwards price function in the coming days.
The relative strength index (RSI) is in the overbought zone at index 74 and may give a pullout signal any time, but more volume is needed to push through to new highs.
Bitcoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Bitcoin price analysis shows that bears provided some resistance at the start of today’s session as a red candlestick appeared on the chart, but soon was taken over by the bullish momentum as BTC bulls continued their march.
BTC/USD 4-hours price chart. Source: Tradingview
The volatility is increasing on the 4-hour chart as well as price is moving towards discovering new horizons. The Bollinger bands started expanding vastly yesterday as price spiked, and now the upper band represents the resistance at $62,562 as the price is trading near the upper band. The RSI is showing a flat line in the overbought zone at index 73, the RSI flattened due to the bearish hindrance during the last hours, and as bulls have taken over again, the RSI will again start improving in the overbought zone.
Most of the technical indications are in favor of the bullish side, with a majority of 15 technical indicators including the simple and exponential moving averages as all show crossover in the near past time and the MACD oscillator. On the contrary, only three technical indications support the bearish side, including the momentum oscillator. However, seven technical indicators stand neutral, including the bull-bear power indicator.
Bitcoin price analysis: Conclusion, ATH at the weekend
The crypto leader is enjoying the weekend with its unchallenged reign with great joy as the current bullish momentum is likely to continue for the coming days. Now the question is not only when will the ATH be observed at the weekend or in the next week? But the question is, how high will the dawn rise for Bitcoin? We can assume hitting the ATH is possible in the next 48 hours if there is no pullback from the bearish side, as the RSI can signal a selloff at any time. Chances are there for a pullback as well before the further climb, and possibilities also exist for the continuation of bullish momentum. Let’s wait, fingers crossed.
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