- Bitcoin bounces off support at the 50 SMA as bulls clear the path toward $65,000.
Massive buy orders will likely be triggered as soon as Bitcoin breaks above $60,000.
Bitcoin has embraced higher support despite the seller congestion at $60,000. Declines have been halted at $56,000, leaving the major support at $54,000 untouched. At the time of writing, BTC is trading slightly under $58,000 amid a renewed bullish momentum.
The immediate downside has been protected by the 50 Simple Moving Average (SMA) on the 4-hour chart. Simultaneously, the move northward seems to have been capped by the seller congestion between $59,000 and $60,000.
Similarly, the Relative Strength Index reinforces the bullish outlook as it bounces off the midline toward the overbought. As long as this indicator has a positive gradient, Bitcoin’s uptrend will remain intact.
Note that speculation is likely to surge in case Bitcoin breaks above $60,000. The breakout last weekend lost steam slightly under $62,000. However, cryptocurrency enthusiasts and investors predict that Bitcoin will soon hit highs above $65,000 and close it on $70,000.
It is worth mentioning that a reversal would come into the picture if the 50 SMA support on the 4-hour chart caves. The bellwether cryptocurrency is bound to fall to the next tentative support at $56,000. If push comes to shove and the overhead pressure surges due to massive sell orders being triggered, we can expect BTC to fall toward $52,000 (support highlighted by the 200 SMA).
Bitcoin intraday levels
Spot rate: $58,150
Relative change: 525
Percentage change: 0.9%
Trend; bullish
Volatility: Low
