Bitcoin price targets $60,000 as technicals flip massively bullish

Bitcoin has finally settled above $50,000, allowing bulls to fight for higher levels. The flagship cryptocurrency is hit a new record high at $52,730 on Coinbase but dancing at $52,075. It was a struggle clearing the seller congestion at $50,000 early this week, especially with the negative premium on the Coinbase exchange.

However, Bitcoin is finally setting up for higher levels before it hits overbought conditions. The Moving Average Convergence Divergence (MACD) has added weight to the ongoing bullish narrative.

For now, the least resistance path is upwards, especially with the MACD line (blue) crossing above the signal line. BTC is likely to rally upwards as the divergence between the two widens and the indicator generally moves upwards.

The 4-hour chart shows the formation of an ascending parallel channel whose middle boundary is currently limiting gains. Closing the day above this crucial level will call out to buyers to increase their entries. On the other hand, the fear of missing out (FOMO) might grip retail investors, who have increased their risk appetite in the recent past.

BTC/USD 4-hour chart

It is worth noting that the rally to $60,000 will fail to occur if Bitcoin breaks below $52,000. Simultaneously, closing the day below the ascending parallel channel will lead to an increase in buying selling orders. Due to the fear of massive correction, investors are likely to sell in masses, forcing Bitcoin under $50,000 and toward $40,000.

Bitcoin intraday levels

Spot rate: $52,050

Relative change: -100

Percentage change: -0.2%

Trend: Bullish

Volatility: Low