After breaking over the symmetrical triangle identified in last week’s Bitcoin evaluation, bulls and bears battled it out in a bid to acquire control of the main trend. Bitcoin bulls have mastered price activity after putting still another record high, above the key psychological level of $63,000.
Together with institutional interest encouraging the upward trajectory which has prevailed since this past year, the looming Coinbase IPO seems to be catalyzing Bitcoin price actions, enabling bulls to attain their seventh consecutive month of record highs.
After breaking over the symmetrical triangle, bulls could drive the purchase price of Bitcoin aforementioned immunity in the March 2021 large, which now holds as service, letting them place a different record above $63,000.
With price action trading over the 8 and 20-period EMA, the Commodity Channel Index (CCI) along with also the Relative Strength Index (RSI) continue to check the upper boundaries of the scope, indicating that BTC/USD will soon enter into overbought territory.
Even though cryptocurrencies continue to confront rigorous scrutiny by international regulators, audience psychology and speculation stay the most important catalysts of crypto cost action with multiple alt coins currently starting to outpace Bitcoin’s current performance. If this dynamic persist, bears can push the purchase price of Bitcoin towards the psychological level of $60,000, which might act as service.
However, the 100% Fibonacci retracement level of this 2021 move along with the upward incline from the RSI & CCI can continue to maintain Bitcoin bulls at bay, together with the next level of immunity holding at $65,000
