With a strong bullish reversal, the cryptocurrency market has recorded a significant uptrend over the past few days. Moreover, the Bitcoin price has breached its important resistance of $64k and is on the verge of testing its upper high.
Following this, investors have entered into a FOMO-like situation with questions like “Will Bitcoin hit a new high this year?” and “How high will BTC price go?” have stormed the market. In this article, we have covered the market analysis of the largest cryptocurrency in the world.
In spite of recording a neutral trend in the past day, the Bitcoin price has jumped 3.85% over the past week. Moreover, it has surged 8.78% during the past month and has a Year-to-Date (YTD) return of +55.11%. This indicates a long-term bullish sentiment.
Moreover, with a trading price of $65,725.88 and a 24-hour trading volume of $24.07 billion, it is on the verge of breaking out of its major resistance trendline in the 1D time frame. However, the outcome of this event is uncertain.
The Relative Strength Index (RSI) is hovering close to its overbought range in the 1D time frame. This indicates increased buying-over-selling pressure for BTC in the market.
Further, the SMA indicator has recorded a significant uptrend in the Bitcoin price chart. Moreover, it also acts as a support, highlighting that its value may continue rising in the coming time.
If the bulls break out of its crucial resistance trendline, this could result in it retesting its upper resistance level of $66,726.25. Maintaining the price at that level could set the stage for it to head toward its ATH of $73,750.047 during the upcoming weeks.
Conversely, if the BTC price faces rejection, it would retest its important level of $62,000. Further, if the bearish sentiment intensifies, the price could plunge toward its lower support level of $60,178.50 in the coming time.
Curious about BTC’s long-term price targets? Read our Bitcoin Price Prediction to know more!
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