Bitcoin Price Analysis: Following New ATH, These Are The Next Possible Targets For BTC
Bitcoin climbed by almost 5% so far only today, allowing the cryptocurrency to break the previous ATH at $61,781 and set a new one surpassing $63k, as of writing these lines. This breakout comes exactly one month after setting the previous all-time high on March 13, 2021.
Before surging to the new ATH price today, Bitcoin struggled to produce a daily closing candle above $60,000 in April. It had dropped as low as $55,400 toward the end of last week as it started to recover from there. On Saturday, Bitcoin spiked above $60,000 but still failed to close a daily candle above the resistance.
It continued to struggle to close above $60,000 on Sunday and Monday. However, the strong breakout today, as reflected on the daily RSI indicator, suggests that today’s candle should certainly close above $60,000; however, in crypto as in crypto, everything is possible.
BTC Price Support and Resistance Levels to Watch Next
Key Support Levels: $62,400, $61,780, $60,000, $59,070, $58,355, $57,870.
Key Resistance Levels: $63,765, $65,770, $67,020, $69k – $70k
Looking ahead, . This is followed by $63,765 (1.414 Fib Extension), $64,770, $65,720 (1.618 Fib Extension), and $67,020 (1.272 Fib Extensopn – marked purple). Higher above lies previous target and benchmark level of $69 – $70k.
On the other side, the first support lies around $62,400 (1.272 Fib Extension), this is followed by the previous March-13 ATH of $61,780, and the psychological level of $60,000 which served as a strong resistance until today. Further down lies $58,355 (February high), and $57,870 (20-day EMA).
The daily RSI is rising again and is showing the highest momentum so far during the month of April. It is still not overbought, suggesting there is room for BTC to push even higher. Also, all bearish divergence on the smaller timeframes is now invalidated, following the recent breakout.
Bitstamp BTC/USD Daily Chart
Bitstamp BTC/USD 4-Hour Chart
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