- Bitcoin price has set up record levels at $62,741 after leaving the previous high in the dust.
- A decisive close above the MRI’s breakout line at $61,780 will signal an upswing.
- The move higher is likely to create a temporary top at $68,145 before proceeding to $75,000.
Bitcoin price has finally ended its prolonged consolidation, indicating its journey into unexplored territory.
Bitcoin price embarks into discovery phase
Bitcoin price action has been contained inside of an ascending parallel channel for nearly three months. This technical is obtained by connecting the two higher highs and three higher lows using trend lines.
However, the recent spike in bullish momentum has created a new all-time high at $62,741.
In doing so, the Momentum Reversal Indicator’s breakout line at $61,185 was a crucial level preventing the pioneer cryptocurrency from venturing higher. However, the recent spike in buying pressure has undone this level, suggesting a sharp rise in the market value of BTC.
The potential targets that bulls are eyeing include the channel’s middle line at $68,145 and the 141.4% Fibonacci extension level at $75,291.
Supporting this optimistic outlook for the flagship cryptocurrency is the recently spawned buy signal from the SuperTrend indicator.
BTC/USD 1-day chart
If BTC fails to produce a decisive daily candlestick close above the breakout line at $61,780, a retracement to the ascending channel’s lower trend line at $58,640 seems plausible.
A breakdown of the said level might trigger a 6% sell-off to the 78.6% Fibonacci retracement level at $54,798.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.