Bitcoin Bullish Momentum Above Bearish Trendline: Is $60,152 Mark Within Reach?

2 months ago

Bitcoin (BTC) aft a palmy interruption supra its bearish trendline precocious has continued to amusement beardown bullish momentum which whitethorn people a important displacement successful marketplace sentiment. As the integer plus continues to strive supra the bearish trendline, it has stirred up optimism among traders and investors alike arsenic to whether it tin prolong its momentum and execute the $60,152 mark.

In this article, BTC’s caller terms enactment volition beryllium analyzed with the assistance of immoderate method indicators to ascertain if it could scope the $60,152 people and what it could mean for the aboriginal of the world’s starring cryptocurrency.

With a marketplace capitalization of much than $1.1 trillion and a trading measurement of much than $24 cardinal arsenic of the clip of writing, the terms of Bitcoin is presently down by 1.37%, trading astatine astir $58,119 successful the past 24 hours. BTC’s marketplace headdress and trading measurement are presently down by 1.37% and 11.67%, respectively.

Bitcoin Bullish Momentum Holds Strong

Currently, connected the 4-hour chart, the terms of BTC is connected the emergence and attempting a determination towards the 100-day Simple Moving Average (SMA) and the $60,152 people with beardown bullish momentum. Also, it tin beryllium noticed that the crypto plus has breached supra the 4-hour bearish inclination line, made a retest, and began to determination upward again.

The enactment of the 4-hour Composite Trend Oscillator besides suggests much bullishness for BTC’s terms arsenic some the awesome enactment and the SMA of the indicator are attempting to transverse supra the zero enactment and are heading towards the overbought zone.

On the 1-day chart, the terms of Bitcoin is experiencing a beardown momentum, rising supra the bearish trendline and toward the $60,152 mark. It is important to enactment that BTC’s terms started rising aft a bearish driblet connected the erstwhile day.

Finally, a cautious reflection of the 1-day composite inclination oscillator reveals that the awesome enactment of the indicator is attempting to transverse supra the SMA, and some are attempting to determination retired of the overbought zone. This enactment thereby indicates that the crypto plus whitethorn beryllium poised for much bullish move.

What Could Happen If BTC Reaches The $60,152 Mark?

Exploring imaginable outcomes if Bitcoin reaches the $60,152 people shows that if the integer asset’s terms reaches the $60,152 people and breaks supra it, it whitethorn proceed to emergence to trial the $64,515 absorption level. When this level is breached, BTC whitethorn acquisition much terms maturation toward the $66,736 absorption level and perchance different points above.

Conversely, should BTC acquisition a rejection astatine the $60,152 mark, it volition statesman to driblet again toward the $53,541 enactment level. Furthermore, BTC whitethorn acquisition a further terms driblet to trial the $50,604 enactment level and astir apt different little levels, if the $53,541 people is breached.