Bitcoin has been on a tear lately, breaking above a bearish trendline and showing strong signs of bullish momentum. This has traders and investors excited, wondering if Bitcoin can keep up the pace and reach the $60,152 mark.
Bitcoin’s Price Action: A Technical Look
Let’s take a look at the charts to see what’s happening:
4-Hour Chart: Bitcoin is currently climbing towards the 100-day Simple Moving Average (SMA) and the $60,152 target. It has broken through the 4-hour bearish trendline, retested it, and is now moving upwards again. The Composite Trend Oscillator is also showing bullish signs, with both the signal line and SMA heading towards the overbought zone.
1-Day Chart: Bitcoin is experiencing strong momentum, rising above the bearish trendline and towards the $60,152 mark. It’s important to note that this rise came after a bearish drop the previous day. The 1-day Composite Trend Oscillator is also showing bullish signals, with the signal line attempting to cross above the SMA and both moving out of the overbought zone.
What If Bitcoin Hits $60,152?
If Bitcoin reaches the $60,152 mark and breaks through it, it could continue to rise and test the $64,515 resistance level. If it breaks through that level, it could experience more growth towards the $66,736 resistance level and potentially even higher.
However, if Bitcoin gets rejected at the $60,152 mark, it could start dropping back towards the $53,541 support level. If it breaks through that level, it could continue to fall and test the $50,604 support level and potentially even lower.
The Bottom Line
Bitcoin is showing strong bullish momentum, but it’s still too early to say for sure if it can reach the $60,152 mark. If it does, it could continue to rise significantly. However, if it gets rejected, it could experience a significant drop.
