With the FOMC meetup coming next week on the 17th, the volatility in the US and crypto markets is on the rise. Amid the uncertainty, the Bitcoin price fluctuates near the $58K crossroads as the market keeps a cautious stance.
With a boost in the Bitcoin ETFs inflow and a bullish pattern sustaining in the daily chart, will the BTC price hit the $60K mark? Let’s take a closer look at our BTC price analysis to find out.
In the daily chart, the Bitcoin price action reveals a channel pattern completing a bullish flag with the early 2024 rally. Currently, the BTC price reveals a double bottom pattern as it takes support near the $54,000 mark.
However, the lower price rejection from the support trendline teases a new bullish cycle within the channel. Currently, the Bitcoin price is taking resistance from the 23.60% Fibonacci level as the recovery rally gains momentum.
Further, the BTC price is trading at $57,790, with an intraday pullback of 0.60%. This pullback comes after the 1.39% jump last night to close above the $58,000 mark.
The nearest resistance level stands at $58,655 as it halts the V-shaped recovery in Bitcoin prices.
Technical Indicators:
MACD: The MACD indicator shows a bullish crossover as the recovery run gains momentum. Further, the positive histograms are on the rise.
RSI: The RSI indicator struggles to surpass the halfway line and is taking a sideways path after surpassing the 14-day SMA.
The Bitcoin Exchange Volume Momentum chart indicates a massive decline in the on-chain activity related to exchanges. The decline reveals a number of fewer investors are actively trading Bitcoin, and the majority remains on its toes, full of caution.
As the broader market keeps an attitude of “wait-and-see,” price action traders wait for clear signals.
With the recovery run facing opposition near the 23.60% Fibonacci level, the chances of the V-shaped recovery in Bitcoin reaching $60K decrease. However, the technical indicators maintain an overall bullish approach.
If the Bitcoin price surpasses the neckline over the weekends, then the bulls are likely to overpower the $60K milestone.
If you are looking for a detailed analysis of the road ahead for Bitcoin, check out Coinpedia’s Bitcoin price prediction for 2024 and the years ahead.
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