Bitcoin (BTC) after a successful break above its bearish trendline recently has continued to show strong bullish momentum which may mark a significant shift in market sentiment. As the digital asset continues to strive above the bearish trendline, it has stirred up optimism among traders and investors alike as to whether it can sustain its momentum and achieve the $60,152 mark.
In this article, BTC’s recent price formation will be analyzed with the help of some technical indicators to ascertain if it could reach the $60,152 mark and what it could mean for the future of the world’s leading cryptocurrency.
With a market capitalization of more than $1.1 trillion and a trading volume of more than $24 billion as of the time of writing, the price of Bitcoin is currently down by 1.37%, trading at around $58,119 in the last 24 hours. BTC’s market cap and trading volume are currently down by 1.37% and 11.67%, respectively.
Bitcoin Bullish Momentum Holds Strong
Currently, on the 4-hour chart, the price of BTC is on the rise and attempting a move towards the 100-day Simple Moving Average (SMA) and the $60,152 mark with strong bullish momentum. Also, it can be noticed that the crypto asset has broken above the 4-hour bearish trend line, made a retest, and began to move upward again.
The formation of the 4-hour Composite Trend Oscillator also suggests more bullishness for BTC’s price as both the signal line and the SMA of the indicator are attempting to cross above the zero line and are heading towards the overbought zone.
On the 1-day chart, the price of Bitcoin is experiencing a strong momentum, rising above the bearish trendline and toward the $60,152 mark. It is important to note that BTC’s price started rising after a bearish drop on the previous day.
Finally, a careful observation of the 1-day composite trend oscillator reveals that the signal line of the indicator is attempting to cross above the SMA, and both are attempting to move out of the overbought zone. This formation thereby indicates that the crypto asset may be poised for more bullish move.
What Could Happen If BTC Reaches The $60,152 Mark?
Exploring potential outcomes if Bitcoin reaches the $60,152 mark shows that if the digital asset’s price reaches the $60,152 mark and breaks above it, it may continue to rise to test the $64,515 resistance level. When this level is breached, BTC may experience more price growth toward the $66,736 resistance level and possibly other points above.
Conversely, should BTC experience a rejection at the $60,152 mark, it will begin to drop again toward the $53,541 support level. Furthermore, BTC may experience a further price drop to test the $50,604 support level and probably other lower levels, if the $53,541 target is breached.
Featured image from iStock, chart from Tradingview.com
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