Bitcoin is on the rise again after stagnating for more than a week. The token has bounced right back up since the 25th of March, gradually climbing close to $60,000. Many are expecting that this time Bitcoin will surpass its record high. However, brief retracement is anticipated before the definitive breakout.
Bitcoin closing into its record high
On the 31st of March, Bitcoin price has already reached $59,800 following the bounce back since the 25th of March. Bitcoin price is currently sitting close to $59,500, which is a 0.786 Fibonacci retracement level from the last dip.
The technical indicators are representing a bullish trend moving forward. A bullish reversal is indicated by the MACD. Similarly, the Relative Strength Index has managed to cross 50 at the same time. Meanwhile, the stochastic oscillator is also closing in to craft a bullish cross although, it has not achieved the mark yet.
Is it possible for Bitcoin to break out?
A 6 hour reading from the chart indicates a horizontal resistance at an area around $59,500. On the contrary, the break out is still imminent due to the bullish reading from the RSI and the MACD. Additionally, $57,000 is said to be the nearest horizontal support level for Bitcoin.
A 2 hour reading from the chart revealed a preliminary indication of weakness which is beginning to seep in. Three bearish signs were generated by the MACD, whereas the Relative Strength Index has also produced a certain proportion of bearish divergence. However, the authenticity of this forecast has yet to be confirmed.
The maximum price reached by Bitcoin would ultimately decide the retracement. The initial Fibonacci support level could be found close to the $56,500 mark if the local top set close to the $60,000 mark.
A highly speculative wave count suggests Bitcoin is closing near the peak of a Bullish push, as Bitcoin expects to correct in the near future. The aforementioned speculative report represents conceivably a shorter sub-wave of a longer-term one, whereas the top for Bitcoin is anticipated to be found somewhere between $60,000 and $61,000.
A retracement is imminent for the brief term of Bitcoin. However, it is being expected that Bitcoin will rise back up eventually, crossing its previous record high and setting a new record.