Bitcoin (BTC) recently made a successful break above its bearish trendline, signaling a possible shift in market sentiment. With a market capitalization exceeding $1.1 trillion and a trading volume of over $24 billion, the digital asset is currently trading at around $58,119, down by 1.37% in the last 24 hours.
On the 4-hour chart, BTC is showing strong bullish momentum as it attempts to move towards the 100-day Simple Moving Average (SMA) and the $60,152 mark. The cryptocurrency has broken above the bearish trendline, undergone a retest, and resumed its upward trajectory. The 4-hour Composite Trend Oscillator indicates further bullishness, with both the signal line and the SMA of the indicator moving towards the overbought zone.
Looking at the 1-day chart, Bitcoin is experiencing a strong upward momentum, surpassing the bearish trendline and heading towards the $60,152 level. The recent price increase followed a bearish drop the day before. The 1-day composite trend oscillator also suggests a potential bullish move, with the signal line and SMA of the indicator aiming to exit the overbought zone.
If Bitcoin manages to reach and break above the $60,152 mark, it could continue its ascent towards the $64,515 resistance level. Breaking this resistance could lead to further price growth, potentially reaching the $66,736 level and beyond. On the other hand, a rejection at the $60,152 mark could prompt a decline towards the $53,541 support level. Further downward movement might test the $50,604 support level and potentially lower levels if the initial support is breached.
Bitcoin’s recent price movement suggests a bullish outlook, but the $60,152 mark remains a critical level to watch. Traders and investors should closely monitor key support and resistance levels to gauge the cryptocurrency’s future direction.
