Bitcoin (BTC) bulls have taken control of the cryptocurrency in the short term, pushing the asset back into a major resistance zone at $60,000, with technical indicators hinting at further upside potential.
Indeed, this short-term momentum has led cryptoanalysts Moonin a post by X on August 20 to indicate that Bitcoin had broken out of the downward channel that had been suppressing its price for the past two weeks.
According to the expert, Bitcoin consolidated within this downward trend, with prices fluctuating between $58,000 and $62,000. A breakout of the upper boundary of the downward channel indicates a possible reversal of the bearish trend that has dominated the market since early August.
Moreover, analysts noted that the $53,000 area was a critical support zone for Bitcoin during this consolidation phase. Bitcoin price action bouncing off this support further adds to the bullish sentiment.
Moon The analysis highlighted Bitcoin’s potential to reach a new all-time high, targeting the area above $73,000. If this upward path continues, Bitcoin could surpass its previous all-time high.
Bitcoin’s $73,000 Target Means
It is worth noting that some analysts see the $73,000 mark as a key level to watch in the coming days. For example, as reported by Bitcoin trading expert Finbold CrypNuevo noted that Bitcoin maintains a medium-term bullish sentiment, which could lead to its price reaching the current all-time high of $73,000.
At the same time, Bitcoin is trying to confirm the current bullish momentum. Crypto analyst Titan Crypto, X’s August 20 post identified key levels to watch for the asset.
According to the analysis, the price of Bitcoin has shown signs of strength, recently moving above the important Kijun line on the Ichimoku chart. This critical level is important for traders as it often acts as a support or resistance point, influencing the direction of the market.
According to the latest analysis, Bitcoin is hovering around the $59,500 mark. A daily close above this level could confirm the bullish trend, potentially leading to upward momentum. The Moving Average Convergence Divergence (MACD) indicator is also showing a bullish crossover, reinforcing the positive outlook.
Bitcoin Price Analysis
At the time of publication, Bitcoin was trading at $60,779, representing a daily gain of nearly 4%, while on a weekly chart, BTC is up about 1.8%.
With momentum seemingly in favor of the bulls, market participants will be keeping a close eye on Bitcoin’s price action in the coming days. If BTC maintains its upward trajectory and breaks through key resistance levels, the cryptocurrency could be on track to set new highs.
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