Categories: Bitcoin News News Price Analysis

Bitcoin price rolls on the runway ready for takeoff to $70,000 as market cap nears $2 trillion

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  • Bitcoin crosses the $63,000 mark as uplift to $70,000 becomes apparent.
  • The ascending parallel channel appears to have secured BTC’s uptrend.
  • Closing the day under the channel’s middle boundary support could pave the way for correction.

Bitcoin spurred action across the cryptocurrency market on making a confirmed break above $60,000. Moreover, lifting above the recent all-time high near $62,000 proved to investors that the bull run had returned. Buyers rushed into the market on Tuesday, adding weight to the bullish outlook. At the time of writing, Bitcoin dodders slightly under $64,000 amid the renewed bullish outlook.

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Bitcoin bulls back in the cockpit

The flagship cryptocurrency is trading within the confines of an ascending parallel channel, as illustrated on the four-hour chart. Breaking above the middle boundary paved the way for gains eyeing a spike to highs above $65,000 and toward $70,000.

It is worth mentioning that the Moving Average (MACD) indicator puts the bullish narrative into perspective. The recent MACD line (blue) strike above the signal line added credence to the bullish outlook. As long as the technical picture remains intact, the bellwether cryptocurrency may hold the uptrend to new historical highs.

BTC/USD four-hour chart

BTC/USD price chart by Tradingview

The 50 Simple Moving Average (SMA) on the four-hour chart has sustained the position above the 200 SMA since the golden cross at the beginning of April. In other words, this technical picture confirms the buyers are firmly in control.

As the bulls reach new all-time highs, a break above the upper channel’s edge would trigger more buy orders as the fear of missing out (FOMO) grips investors. Speculation for a rise to $70,000 will likely increase, steadying Bitcoin’s journey.

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Bitcoin intraday levels

Spot rate: $63,730

Trend: Bullish

Volatility: Growing

Support: $63,000, $62,000 and $60,000

Resistance: Ascending channel’s upper edge

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John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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