Bitcoin (BTC) After a successful breakout above the downtrend line recently, it continues to show strong bullish momentum that could signal a major shift in market sentiment. As the digital asset continues to strive above the downtrend line, it has sparked optimism among traders and investors alike about whether it can sustain its momentum and achieve the $60,152 mark.
In this article, the recent BTC price formation will be analyzed with the help of some technical indicators to determine whether it can reach the $60,152 mark and what it 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 is currently down 1.37%, trading at around $58,119 in the last 24 hours. Bitcoin’s market cap and trading volume are currently down 1.37% and 11.67%, respectively.
Bitcoin’s bullish momentum remains strong
Currently, on the 4-hour chart, Bitcoin price is rising and trying to move towards the 100-day simple moving average (SMA) and the $60,152 level with strong bullish momentum. It can also be noted that the crypto asset has broken the 4-hour downtrend line, retested it, and started moving upwards again.
The formation of the 4-hour Composite Trend Oscillator also indicates further bullishness for the BTC price as both the signal line and the simple moving average of the indicator are trying to cross the zero line and are heading towards the overbought zone.
On the 1-day chart, Bitcoin price is seeing strong momentum, rising above the downtrend line and heading towards $60,152It is important to note that the BTC price started to rise after a bearish dip the previous day.
Finally, a close look at the 1-day Composite Trend Oscillator reveals that the indicator’s signal line is trying to cross above the simple moving average, both of which are trying to break out of the overbought zone. This formation therefore suggests that the cryptocurrency could be poised for further upward moves.
What could happen if Bitcoin price reaches $60,152?
Exploring the possible outcomes if Bitcoin price reaches $60,152 shows that IIf the price of the digital asset reaches and breaks the $60,152 level, it may continue to rise to test the $64,515 resistance level. When this level It has been hacked. BTC price is likely to see further growth towards the $66,736 resistance level and possibly further points above.
Conversely, if Bitcoin faces rejection at $60,152, it will start declining again towards the $53,541 support level. Moreover, Bitcoin could see another price decline to test the $50,604 support level and possibly other lower levels, if the $53,541 target is breached.
Featured image by iStock, chart by Tradingview.com