BTC Price Analysis: Bitcoin Tests Record Level, Hours to Coinbase Direct Listing
As the market expects the bullish launch of the Coinbase direct listing on Nasdaq this week, BTC is holding steady past the $63,000 handle.
*Bitcoin is on the verge of setting a new all-time high past the recent high of $63,774
*BTC/USD aims for a target price of $70,000
*With Coinbase direct listing, the industry expects a volatile week for Bitcoin (BTC)
Bitcoin’s market capitalization is currently over $1.1 trillion, with the cryptocurrency ecosystem as a whole outstripping a market capitalization of $2 trillion at press time. BTC price broke through $63,000 to set a new all-time high of $63,774 while still heading broadly higher in muted trade. BTC/USD is shrugging off calls for correction as it aims for a target price of $70,000. Indicators are showing growing price pressure and could further fuel the narrative that Bitcoin is starting to overheat. A psychological upside cap of $65,000 may add to the sentiment that BTC bullish run would be increasingly challenged. The increasingly bullish trend implies that the crypto market has not completely discounted the Coinbase $100 billion direct listings today. Therefore traders may be in for a spike higher on the no. 1 cryptocurrency.
Coinbase Direct Listing on Nasdaq Spur Bitcoin and Altcoins Rally
Coinbase is expected to be estimated at about $130 billion when it launches on Nasdaq, lending credibility to the crypto market overall. Bitcoin’s price has risen from $33,000 to $63,000 since the reports emerged in late January when Coinbase CEO Brian Armstrong revealed the company’s decision to go public. Many may suggest that the listing has already been priced in, however, experts expect that the extreme volatility would be the spur for Bitcoin to hit a new high.
BTC Daily Chart: Bullish
The pair is trading in an expanding range of $59,000 to $64,000 early Wednesday and is holding above its earlier record highs. The initial strong rejection of the up move signals that downside attempts are short-lived and the upper limit at $65,000 is currently under pressure. The short-term analysis is in mixed mode, while daily bulls remain in play and focus.
However, a sustained break above the new all-time high of $63,774 and the $65,000 barrier would signal a renewed attack on the psychological zone around the $68,000/$70,000 zone, with further bullish acceleration on the charts. The daily Moving Average (MA 50) is the initial key support around the horizontal line at $55,400, which will contain any unexpected dip, while the $50,000 support continues to hold the case for a base. A solid break here will soften the short-term structure and risk a fresh dip.
BTCUSD 4-Hour Chart: Ranging
On the lower timeframe, BTC/USD is in the background during early trading, but short-term activity remains within the upward congestion for the second day in a row. A pullback from the new all-time high at $63,774 could reach $62,500, while the previous all-time high has turned into support at $61,788.
These short-term supports are strengthened by the rising moving average (MA 50), which has eased the downside pressure and support hopes for new gains as long as the price remains above this level. BTC/USD key resistance is at the $65,000 and $68,000 levels. If the BTC/USD pair is trading below the $60,000 level, sellers can test the $57,000 and $55,000 levels.
Key Levels
Resistance Levels: $70,000, $68,000, $65,000
Support Levels: $60,000, $57,000, $55,000
Image Credit: Tradingview
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