Bitcoin Price Analysis: BTC looks set to refresh record top above $58,000


Share:
  • BTC/USD takes the bids near the all-time high marked during previous month.
  • Bullish MACD contradicts overbought RSI inside ascending trend channel.

Bitcoin bulls are hammering the record top marked in February while taking the bids near $58,000 during early Friday. The crypto major gains support from upbeat MACD inside a bullish chart pattern to cross the previous all-time high of $58,355.

However, overbought RSI conditions seem to challenge the BTC/USD bulls afterward, which if ignored could escalate the rally towards the upper line of an ascending trend channel from early January, currently around $65,000.

It should be noted that the stated run-up may catch a breather near the $60,000 threshold.

On the contrary, the early month top near $52,650 can test short-term pullback of the BTC/USD ahead of the channel’s support, at $47,790 now.

In a case where the cryptocurrency pair defy the bullish chart pattern with a daily closing below $47,790, its drop below the latest swing low of $43,065 can’t be ruled out.

To sum up, Bitcoin bulls are in the driver’s seat during the journey to a fresh record top.

BTC/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 57935.72
Today Daily Change 2060.58
Today Daily Change % 3.69%
Today daily open 55875.14
 
Trends
Daily SMA20 50785.67
Daily SMA50 44000.55
Daily SMA100 35650
Daily SMA200 24286.37
 
Levels
Previous Daily High 57396.76
Previous Daily Low 53032.7
Previous Weekly High 52646.22
Previous Weekly Low 43065.14
Previous Monthly High 58355.76
Previous Monthly Low 32336.85
Daily Fibonacci 38.2% 55729.69
Daily Fibonacci 61.8% 54699.77
Daily Pivot Point S1 53472.98
Daily Pivot Point S2 51070.81
Daily Pivot Point S3 49108.91
Daily Pivot Point R1 57837.04
Daily Pivot Point R2 59798.93
Daily Pivot Point R3 62201.1

 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Arbitrum receives 2.5 million ARB funding request from Wormhole foundation

Arbitrum receives 2.5 million ARB funding request from Wormhole foundation

Wormhole, a crypto and web3 messaging protocol, has submitted a proposal to encourage users to mint native USDC on the Arbitrum chain. The goal is to attract 100 million USDC and migrate it from other chains to Arbitrum.

More Arbitrum News

Tether increased its secured loans in Q2 despite commitment to reduce lending

Tether increased its secured loans in Q2 despite commitment to reduce lending

Tether Holdings has resumed the lending of its stablecoins in the form of secured loans to clients after announcing that it is set to wind down this practice less than a year ago. The information came to light in the firm’s recent quarterly financial update, according to a report by The Wall Street Journal. 

More Tether News

XRP price recovery likely as Ripple executives call out SEC and Chair Gary Gensler for their stance on crypto

XRP price recovery likely as Ripple executives call out SEC and Chair Gary Gensler for their stance on crypto

XRP price outlook is bullish as the asset tests the supply zone at $0.5174. Pro-XRP attorney John Deaton shared his views on the likelihood of a settlement by the SEC in its lawsuit against Ripple. 

More Ripple News

Mt Gox creditors hit by delay in repayment deadlines for $3.8 billion in Bitcoin

Mt Gox creditors hit by delay in repayment deadlines for $3.8 billion in Bitcoin

In a September 21 letter, the Mt Gox Rehabilitation Trustee, Nobuaki Kobayashi shared that he has received permission from the Tokyo District Court to extend the deadline for the three phases of repayment of creditor funds.

More Cryptocurrencies News

Bitcoin: BTC contemplates crash in September

Bitcoin: BTC contemplates crash in September

Bitcoin price remains unfazed by the US CPI announcement on September 13 and continues to move in a range. The weekly chart, however, shows a potential short-term recovery rally that could set the stage for a steep correction.

Read full analysis

BTC

ETH

XRP