Over the weekend there a break out of Bitcoin to trade a novel high time of around 61, 775. Bitcoin rose slightly above $58,000 on the premise of the majestic rally.
However there were speculations that $70,000 was the next meeting for the Bulls , because trading above $60,000 was not a believable move.
Currently, amid a renewed up-trend eyeing a recently formed barrier under $62,000, Bitcoin is trading $60,100. There will be gains towards $70,000 where the price is above $62,000 zone.
Premised on the short time technical picture, the path for least resistance currently is upwards.
The gap created by the 50 Simple moving Average (SMA) above 200 SMA and the 100 SMA is wide and which reveals that BTV is shifting to Bulls hands, though the applied moving averages are playing catch.
In the confines of an ascending parallel channel, the Bell-wether cryptocurrency is exchanging hands and to enure that declines are trolled, the pattern’s lower edge has been keeping bear in check.
At the channels middle boundary, Bulls are battling the critical resistance on the upside. Also, Bitcoin will have a smooth path to new all-time highs heading to $70,000 if the resistance is pushed.