Bitcoin (BTC) Skyrockets Past $63K: What’s the Next Target for Crypto Bulls?

  • Bitcoin’s price has been going through some major moves throughout the past couple of weeks. The bulls are fighting to reestablish their dominance, staging a convincing recovery above $60K. But will it last?
  • Technical analysis shows the price has been oscillating inside a descending channel on the daily chart for the past couple of months. However, BTC quickly rebounded and climbed back inside the channel, making a fake bearish breakout.
  • On-chain analysis suggests that while many market participants have been offloading their coins, miners are not in this group. This could be a positive sign for Bitcoin’s price in the near future.

Bitcoin’s price has seen significant movement in recent weeks, with bulls pushing for a recovery above $60K. This article provides a detailed analysis of these trends, offering insights into what might be next for the leading cryptocurrency.

Technical Analysis

By TradingRage

The Daily Chart

The price has been oscillating inside a descending channel on the daily chart for the past couple of months. The channel was briefly broken to the downside a few days ago. However, BTC quickly rebounded and climbed back inside the channel, making a fake bearish breakout. With the $60K level also turning into support, the price will likely target the $68K resistance level in the short term.

The 4-Hour Chart

Looking at the 4-hour chart, it is evident that the price has quickly recovered from below the channel and the $60K level. The midline of the descending channel is now the next target. Meanwhile, with the RSI approaching the overbought zone, the price might experience a pullback soon. The continuation of the bullish trend is dependent on whether the price can finally break the channel to the upside.

On-Chain Analysis

By TradingRage

Bitcoin Miners Position Index

While Bitcoin’s price has been trading below the $75K level, many market participants have been offloading their coins as they assume that the bull market might be over or a much deeper pullback is probable. However, miners are not in this group. This chart demonstrates the Miners Position Index (MPI) metric. It measures miners’ selling pressure. Values above 2 can be considered dangerous, as they show massive destruction by the miners. As the chart depicts, the MPI has been dropping rapidly over the last few months. This is a good sign, as the Miners’ selling pressure is declining. Thus, with sufficient demand, Bitcoin’s price can once again begin a rally toward $80K and even higher prices.

Conclusion

Bitcoin’s price has shown resilience in recent weeks, bouncing back from a brief bearish breakout and maintaining support above $60K. The technical and on-chain analysis suggests that the bulls are not out of the game yet, and there could be further upside potential. However, the market remains volatile, and investors should remain cautious.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Michigan State Retirement Fund Invests $10 Million in Grayscale Ethereum Trust, Securing Major Stake

The Michigan State Retirement Fund has strategically positioned itself...

Grayscale Proposes Listing for Grayscale Digital Large Cap Fund (GDLC) as ETP with Bitcoin Dominating Holdings

On November 4, COINOTAG News reported that Grayscale has...

Fragmetric Completes Builder Round Financing to Enhance Solana Ecosystem Security and Liquidity

On November 4th, COINOTAG News reported that Fragmetric, a...

Vitalik Buterin Warns Against Exclusion of Russian Developers in Open Source Community

On November 4th, Vitalik Buterin, co-founder of Ethereum, took...

Bitcoin Volatility Soars Amid U.S. Election Impact on Crypto Markets

Bitcoin Volatility Surges as U.S. Election Heightens Stakes for...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img