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.