- Bitcoin price back in the bulls’ hands after diving to $58,000 mid-week to onboard more buyers.
Bulls must offset the sell signal from the MACD and ensure that the uptrend to ATH and later $70,000 remains intact.
Bitcoin confirmed our prediction earlier in the week that a dip under $60,000 would do more good than harm its bullish progress. The flagship cryptocurrency went ahead to test support at the lower edge of the demand area, highlighted in green on the chart, precisely at $58,000.
This pullback made BTC more attractive to traders and holders who believe that Bitcoin is at the beginning of a massive rally which could see it swing to $100,000 by the end of December. Hence, the buyer power behind the largest cryptocurrency cannot be emphasized, especially now that selling pressure is diminishing with investors deciding to HODL.
Bitcoin Price Sustains Recovery Above $60,000
At the time of writing, Bitcoin trades at $61,600 following a rebound on Thursday. Although painted red on Wednesday, the market flipped into an impressive shade of green, mainly bolstered by BTC’s reclamation of $60,000 and $61,000 levels.
According to the Relative Strength Index (RSI), buyers have the upper hand on the daily chart. The RSI follows the asset’s trend and calculates the strength of the bulls and the bears. As the index moves from the midline toward the overbought area, it shows that bulls are getting more aggressive.
Nevertheless, we cannot ignore a sell signal on the Moving Average Convergence Divergence (MACD) indicator. The call to offload BTC appeared when the 12-day EMA crossed below the 26-day EMA. This increased the odds favoring the bears, which means buyers will have to put in a lot more energy to keep the uptrend intact.
As long as support in the green area is sustained, we expect Bitcoin to fight off the bearish signal and continue to scale the levels above the new all-time high at $67,000 before moving higher to $70,000.
Bitcoin Price Intraday Levels
Spot rate: $61,650
Trend: Bullish
Volatility: Low
Support: $58,000
Resistance: $67,000
