Bitcoin Price Analysis: Can BTC Top ATH Following Today’s $60K Breakout?

Bitcoin is up by a strong 5% today as it finally surged past $60,000 for the first time in April. After breaking that level, it went on to reach today’s high at $61,222 (at the time of writing).

The coin started the month by attempting to charge above $60,000 but failed in the first week. Ultimately, it managed, but this comes after 4-5 failed attempts over the past month.

BTC was holding the 20-day EMA for the first few days of April but fell beneath there on Wednesday when Bitcoin fell by 4% to reach the weekly low near $55,400.

Then, the buyers regrouped at the support and have been pushing higher in the second half of the week.
As of now, closing the daily candle above $60k is critical for the bulls, as the next target lies at the ATH of $61.8k.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $60,000, $59,070, $58,355, $57,695, $56,720.
Key Resistance Levels: $61,170, $61,781, $62,400, $63,000, $63,765.

Looking ahead, the first resistance lies at $61,170 (ATH-day closing price and today’s high). This is followed by the ATH at $61,800, $62,400 (1.272 Fib Extension), $63,000, and $63,765 (1.414 Fib Extension).

On the other side, the first major support lies at $60,000. This is followed by $59,070 (.382 Fib), $58,355, $57,695 (.618 Fib), and $56,720 (.786 Fib). Additional support lies at $56,000 and $55,383 (weekly low).

The recent price hike allowed the RSI to break back above the midline, indicating bulls are now controlling the market momentum again. If it continues to push upward, the increased momentum should allow BTC to set a new ATH price very soon.

Bitstamp BTC/USD Daily Chart

BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 4-Hour Chart

BTC/USD 4-Hour Chart. Source: TradingView

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

editorial staff

Leave a Reply

Your email address will not be published. Required fields are marked *