Bitcoin [BTC] has successfully broken through the $60k resistance level after a period of struggle. This upward movement has raised optimism for further price increases, although challenges may lie ahead.
Bitcoin Breaks $60k Barrier Again!
Renowned crypto analyst, Ali, shared insights in a recent tweet regarding BTC’s TD sequential indicator signaling a sell-off. This forecasted a potential short correction.
True to the prediction, BTC briefly dipped from $59k to $58k before swiftly recovering and surpassing the $60k mark.
Over the past 24 hours, Bitcoin’s price increased by more than 4%, reaching $60,363.00, with a market capitalization exceeding $1.19 trillion.
This surge rendered over 43 million BTC addresses profitable, representing 81% of all Bitcoin addresses.
Analysis of CryptoQuant data by CryptoCrypto revealed a decline in Bitcoin’s exchange reserve, indicating heightened buying activity. Notably, both the Coinbase Premium and Korea Premium metrics reflected strong buying sentiment from US and Korean investors.
Bitcoin’s Future Targets
Scrutinizing Glassnode’s data unveiled that BTC was on the verge of approaching its potential market bottom after trading below it for an extended duration.
The Pi Cycle Top indicator hinted at a probable market peak for Bitcoin beyond $100k.
Furthermore, IntoTheBlock highlighted the $64k level as a significant milestone as 1.57 million addresses currently hold Bitcoin at a loss at that price point.
Consequently, CryptoCrypto analyzed Bitcoin’s daily chart to gauge market indicators for a potential upswing towards $64k. The assessment revealed Bitcoin’s price resiliently positioned above its 20-day simple moving average (SMA) according to the Bollinger Bands.
However, reaching the upper Bollinger Bands limit often triggers price corrections.
If BTC encounters resistance at the upper Bollinger Bands boundary leading to a decline, a retracement back to $57k could materialize, signaling increased liquidation.
Nevertheless, sustaining the bullish momentum will necessitate Bitcoin surpassing $62k before setting its sights on $64k.