- Bitcoin uptrend bolstered above $60,000 as bulls eye new record highs beyond $62,000.
- Trading above the ascending channel’s middle boundary could catapult BTC toward $70,000.
- The MACD on the four-hour chart shows that sideways trading could dominate the upcoming sessions.
Bitcoin has sustained price action above $60,000 since Monday. Over the last couple of weeks, selected altcoins such as Binance Coin (BNB), Stellar (XLM) and Ripple (XRP) rallied, but BTC remained lethargic. The mundane trading appears to be flipping bullish, with the most prominent cryptocurrency exchanging hands at $60,500.
Bitcoin eyes breakout to record highs
Bitcoin dances in an ascending parallel channel at writing. The immediate support has been provided by the channel’s middle boundary as observed on the four-hour support. Meanwhile, bulls are focused on pushing the price past the intermediate layer as speculation intensifies for a liftoff above $62,000.
The Moving Average Convergence Divergence (MACD) indicator highlights that the trend is undermined. This follows a lateral movement of both the MACD line (blue) and the signal line. The indicator identifies positions to buy the dip and sell the top.
BTC/USD four-hour chart
The MACD line (blue) crossing above the signal line suggests that the trend has a bullish impulse. However, crossing underneath the signal is a bearish signal. Therefore, it is essential to study the MACD and use it in conjunction with the other technical indicators and patterns to predict the next attack mission.
Simultaneously, the least resistance path seems upward, especially if the channel’s moderate resistance breaks. Buyers are likely to increase their positions on making this significant step. Bitcoin has been without a substantial price action for some time now; thus, this breakout could trigger the fear of missing out (FOMO).
Bitcoin intraday levels
Spot rate: $60,500
Support: $60,000, $58,000 and $56,000
Resistance: $61,000 and $62,000