Bitcoin (BTC) has continued to show powerful bullish momentum after successfully breaking a bearish trendline recently, which could signal a significant change in market sentiment. As the digital asset continues to seek to break a bearish trendline, it has sparked optimism among traders and investors as to whether it will be able to maintain its momentum and reach the $60,152 level.
In this article, we will analyze the recent price action of BTC using several technical indicators to determine if it can reach the $60,152 level and what this could mean for the future of the world’s leading cryptocurrency.
With a market capitalization of over $1.1 trillion and trading volume of over $24 billion at the time of writing, Bitcoin price is currently down 1.37%, trading at around $58,119 in the last 24 hours. BTC market capitalization and trading volume are currently down 1.37% and 11.67%, respectively.
Bitcoin’s bullish momentum continues
Currently on the 4-hour chart, BTC price is rising and trying to approach the 100-day straightforward moving average (SMA) and $60,152 level with powerful bullish momentum. You can also see that the crypto asset has broken above the 4-hour bearish trendline, retested it, and started rising again.
The formation of the 4-hour composite trend oscillator also indicates a greater bias towards BTC price, as both the signal line and the indicator’s moving average are attempting to cross above the zero line and are heading towards the overbought zone.
On the one-day chart, Bitcoin price is experiencing powerful momentum, rising above the downtrend line and heading towards $60,152It is worth noting that the price of BTC has started to rise after a downward trend the previous day.
Finally, a close observation of the 1-day composite trend oscillator reveals that the indicator’s signal line is trying to cross above the SMA, and both are trying to break out of the overbought zone. This formation thus indicates that the crypto asset may be ready for a more bullish move.
What could happen if BTC reaches $60,152?
An examination of the potential outcomes if Bitcoin reaches $60,152 shows thatif the price of the digital asset reaches the $60,152 level and breaks through it, it may continue to rise to test the $64,515 resistance level. When this level is violated, BTC price could rally more towards the $66,736 resistance level and possibly other points above it.
Conversely, if BTC experiences a rejection at $60,152, it will start falling again towards the $53,541 support level. Furthermore, BTC could experience a further price decline to test the $50,604 support level and possibly other lower levels if the $53,541 target is breached.
Featured image from iStock, chart from Tradingview.com