- Bitcoin price broke above $60,000 on Friday and saw bulls consolidating their positions firmly above.
- BTC price, however, is under selling pressure as the RSI is in oversold territory.
- Expect BTC price to test $60,000 on its support, which would push the RSI back below 70, and offer entry for new buyers for the next leg up to $65,087.
Bitcoin price (BTC) has been on a tear these past few days, with bulls breaking $60,000. To keep the uptrend intact, buyers will want to wait for the daily Relative Strength Index (RSI) to dip back below 70. This dip below 70 in the RSI would coincide with a test of $60,000 and would offer new buyers a good entry for the next phase in the uptrend toward $65,087 or new all-time highs.
BTC bulls need to let the RSI cool down first before expecting a new all-time high
Bitcoin price popped above $60,000 on Friday with plenty of media attention. Bulls have been able to consolidate quite firmly above that level with a few daily closes. Even the start of the new trading week opened higher than the low of this weekend.
There are issues though for BTC price to hit new all-time highs this week, as the daily RSI is above 70. This may make some buyers lock in some profit along the way, in case price action starts to fade in the wake of $65,087. New buyers should need to wait for a slight return to $60,000, a retest of that level which falls in line with the tops from May 3 and May 10. This minor correction would cool down the RSI and push it back below 70, making it for buyers to reenter.
BTC/USD daily chart
Expect the retest of $60,000, a rebound higher with the long-awaited retest of new all-time highs. Do not expect that markets will let this go unnoticed, with much media attention and headlines on financial and mainstream media. This element will act as a favorable tailwind and add enough intraday traders to make the final push above $65,087.
In case buyers are unable to hold $60,000 on the retest, expect to see some more profit-taking as investors will want to lock in more profit in the fact that new all-time highs might not be for this week. Expect a retest to the lower level at $55,619.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.