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Bitcoin: more gains expected!

Bitcoin rallied in the last hours reaching a new high of 63,337. The bias remains bullish, so the crypto could approach and reach fresh new highs soon. The price action invalidated a potential corrective phase, that is why we can think that the price of Bitcoin could resume its growth.

Bitcoin is up by 2.48% in the last 24 hours and by 10.23% in the last seven days. Moreover, the market cap has increased by 1.83%, while the volume jumped higher by 1% in the last 24 hours.

BTC/USD False Breakdowns


BTC/USD registered two false breakdowns with great separation below the 60,000 psychological level signaling strong buyers and potential upside continuation. Technically, a temporary decline was expected after reaching the 61,781.83 static resistance.

Now it has jumped above this upside obstacle and it seems determined to approach and reach the 64,895.22 all-time high which stands as major resistance. Technically, the false breakdown with great separation through the weekly pivot of 59,448.19 signaled potential growth towards the weekly R1 (65,035.53).

Bitcoin Forecast

Bitcoin is somehow expected to extend its growth after validating its breakout above the 61,781.83 level. It is still bullish as long as it stays above the first warning line (wl1) of the ascending pitchfork.

64,895.22 historical high could be used as the first upside target if BTC/USD resumes its growth.

The material has been provided by InstaForex Company -