- Bitcoin is on the verge of an ascending triangle breakout, with a target close to $70,000.
- Massive buy orders could be triggered as soon as BTC crosses the $60,000 mark.
Bitcoin managed to hold above $56,000 following the mid-week price drop that left many retail investors bleeding. The bellwether cryptocurrency purposely focused on a recovery above $60,000. The resistance between $59,000 and $60,000 appears to have weakened, whereby BTC is doddering at $59,720.
The four-hour chart shows an ascending triangle formation—this a bullish continuation pattern used in technical analysis to identify a potential breakout. Ascending triangles are molded by two trend lines, where one links the relatively equal peaks and the other connects a series of higher lows.
A breakout is expected once the price cracks the resistance of the x-axis. Triangles have precise breakout targets measured from the highest to lowest points. Bitcoin has drawn closer to this potential breakout at the time of writing, targeting new record highs, close to $70,000.
The Moving Average Convergence Divergence (MACD) indicator shows that the trend is upwards and comfortably in the bulls’ hands. The MACD line (blue) is about to cross above the signal line, hinting at the flagship cryptocurrency closing the day above $60,000.
On the other hand, we must be aware of the stubborn resistance at $60,000, which, if not broken, will allow overhead pressure to surge—failing to close the day above $60,000 would a huge bearish signal. On the downside, Bitcoin may be forced to seek refuge at $56,000, support highlighted by the 50 SMA and the 100 SMA. Other major anchor zones include $52,000 and $50,000, respectively.
Bitcoin intraday levels
Spot rate: $59,872
Support: $56,000, $52,000 and $50,000
Resistance: $60,000 and $62,000
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