- Bitcoin price prediction reflects a bullish bias in the technical indicators
- BTC/USD consolidates over $60,000 support area as bulls collect volumes
- Bullish Bitcoin price prediction studies paint next target as $65,000 for upcoming week
As crypto market turns bullish over the weekend, Bitcoin is solidifying gains above the $60k threshold. The recent correction towards $56,340 is now over, and the BTC/USD pair is showing bullish signs in technical indicators. Both institutions, and large investors are driving the price action forward.
The digital currency saw muted movement in the past week but slowly built-up momentum to touch $60k resistance. The price movement was restricted to Bollinger Bands range between $61,360 to $56,874 level. Yesterday’s sharp correction is now covered completely, and the pair is moving towards fresh highs beyond $61,100. The range-bound price action has bullish underpinnings that can intensify over the weekend.
The support at $56,000 holds strong on the downside protecting the pair from any untoward fall. As per Bitcoin price prediction, the two-week range has been restricted to $54,000, and $61,110 range. At the time of writing, the BTC/USD pair is trading at $60,662 with floor at $55,490.
Bitcoin price movement in the last 24 hours: Breakout pushes BTC/USD past $60k
The consolidation of the past week has come to end over the weekend. The much-needed breakout in the BTC/USD pair is now emerging successfully out of the Bollinger Bands. The thin liquidity of the weekend is supporting high volatility trading. The resistance at $60k has been breached successfully by the bulls on the back of heavy buying action.
Now, the traders confront the $62k barrier according to Bitcoin price prediction. Large long positions have not been liquidated yet which means the bulls are not booking profits in anticipation of higher price levels. Optimistic crypto market is emboldening the bulls to create long positions with targets higher than $62,500 resistance level. The calm before the storm is now materializing and will give way to higher prices over the next 48 hours.
The 50-day moving average at $56,000 is shielding the bulls from any panic selling as reflected in Bitcoin price prediction. The rising slope of 50-day moving average is also pushing the price channel upwards. The spurt in volumes reflects the underlying buying tendency of the weekend bulls. The sharp long candle also shows that buyers have the requisite liquidity to continue the uptrend. The bullish Bitcoin prediction is also evident from the rising price channel near the upper end of the stretched Bollinger Band at $63k.
BTC/USD 4-hour chart: Technical indicators highly bullish to push BTC beyond $62k
The directional price channel is now ascending upwards with maximum confidence. The strength above $59,260 was intense and helped the pair rise beyond the $60k resistance. Regardless of the opening at the start of the day, the pair quickly gathered steam as if waiting for the weekend hours. The long-term psychological support lies at $50k and near to the 100-day SMA.
Any sudden plunge, though not probable, can take the pair towards $57,870 support. A layer of structural support is present underneath first at $56,000 and then at $54,000. The price is trading outside the Bollinger Bands and will likely retrace to $60,278 level before the day closes.
The RSI is approaching 70 level and close to overbought on the hourly charts. The MACD has also completed a bullish crossover and is heading higher with room to run upwards. An overextended bull rally will take the price towards $62,357 resistance before the current rally loses steam. The benchmark support has come up to touch $50,000 level further preventing any downside risk to the pair.
Bitcoin price prediction conclusion: Next bull run has begun targeting $65k
The Bitcoin price prediction is now in bullish territory. The 50-day moving average and 200-day moving average is supporting the price underneath the pair. The technical indicators are highly bullish including RSI, Stochastic RSI, MACD, and overstretched Bollinger Bands. If the pair closes above $60k on a daily basis, it will act as a catalyst for a run higher towards $65,150 level.
On the contrary, any minor correction can stall the bull run on the hourly charts. A sporadic selling can overpower the bullish overtone and take the price towards $57k support first. The negative trajectory will end at $55,000 level if the selling action intensifies. Barring an extended sell-off, Bitcoin price prediction is skewed towards a bullish momentum.
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