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Bitcoin moves towards all-time highs

Bitcoin was at 54,874 level at the moment of writing. It climbed as high as 55,499.96 today, breaking the strong resistance levels. The bias is bullish, so further growth is expected. Technically, the price has ignored strong upside obstacles signaling strong buyers.

BTC/USD registered a 10.06% growth from 50,428.64 daily low to 55,499.96 today's high. The current rally was somehow expected after the price action has shown oversold signs. The sellers were too exhausted to keep the rate down. Now it has printed a new higher high announcing strong bulls.

BTC/USD fresh upside breakout

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Bitcoin resumed its growth after stabilizing above 23.6% retracement level and above the Ascending Pitchfork's median line (ml). I've mentioned in my previous analyses that BTC/USD is expected to climb even higher if it stabilizes above the median line (ml).

Now, it has ignored the upper median line (uml), 52,956.47, and the 150% Fibonacci line. It's located above the weekly R2 (54,541.27) which represents a static resistance.

Bitcoin outlook

Stabilizing above the R2 (54,541.27) and beyond the 150% Fibonacci line signals potential further growth. Personally, I believe that Bitcoin could climb higher as long as it stays above 52,956 former high and above the Ascending Pitchfork's upper median line (uml).

The all-time high of 64,895.22 is seen as a potential upside target and obstacle as long as the upside scenario is intact.

The material has been provided by InstaForex Company - www.instaforex.com