Bitcoin poised above $60K as Coinbase IPO strengthens bullish outlook
BTC retests $61,200 as bullish sentiment puts bulls on brink of another breakout.
Bitcoin (BTC) price has touched highs of $61,199 in intraday trades as bulls look to strike a new all-time high. This follows Bitcoin’s highest weekly close of $59,985, which could be the foundation for an extended upside that takes the benchmark cryptocurrency beyond $62k.
Last week BTC gained nearly 4%, rallying from weekly lows of $55,400 to highs of $61,218.
Although prices did touch lows of $59,492, buyers are upbeat after retesting the $61.2K level. And, adding to the positive vibes is Coinbase’s IPO approval, with the company’s COIN set to trade on Nasdaq starting on April 14th, 2021.
BTC/USD has a bullish outlook given its price has remained above the 20-day exponential moving average ($57,863) for the past four days. The daily RSI also supports an upside move as it ticks above 50, while the daily MACD is suggesting a hidden bullish reversal.
As of writing, the BTC/USD pair is trading near the resistance line of an ascending triangle pattern on the daily chart. The indecision seen on the 11th of April in the form of a Doji candlestick seems to be resolving upward, where the upside momentum might take bulls past the minor hurdle around $61,200.
If bulls take the initiative and breach the supply wall near $61,700, BTC/USD could reach prices well above $62,000.
But buyers have to stop hugging the resistance line and break higher. This is possible given that an ascending triangle is typically a continuation pattern. Taking into account the height of the ascending triangle, price discovery could bring the $70k and $80k levels into play.
On the contrary, the initial drop is likely to take Bitcoin to $59,500. Sellers will find momentum if they force prices below $59,000, where the 20-day EMA ($57,863) and the triangle support line ($58,700) offer support.
Two other major demand zones are below $56,000, with the horizontal cushion at $55,800 followed by $50,350.
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