Bitcoin price set for another upswing to $69,000

Bitcoin (BTC) price respected a critical support level on Sunday to keep the uptrend intact. BTC price action on Monday reveals bulls are still in complete control of Bitcoin price, and new all-time highs look to be the target for this week. With more positive tailwinds emerging, Bitcoin price could hit $69,123 in the coming days.

Bitcoin price looks for new all-time highs

Bitcoin price saw some profit-taking at the end of last week and during the weekend. Bulls did not unwound too large parts of their long positions, however, and this made BTC price start to fade to the downside. BTC price saw bulls respect $59,586, which aligns with the monthly R2 resistance level, and prevent further losses to keep the uptrend going. 

Favorable tailwinds seem to be persistent, and more positive tailwinds are being added this morning, as US indices futures were pointing to a green opening for the week after quiet upbeat earnings last week. With more focus on tech equities, expect the Nasdaq to be either a tailwind or headwind for Bitcoin price. All in all, expect Bitcoin price to make new all-time highs this week.

BTC/USD daily chart

With more buyers coming in, supported by the favorable tailwinds and the significant respect for the monthly R2, expect Bitcoin price soon to hit the new all-time highs around $66,900. Once broken, BTC price will look for the 23.6% Fibonacci level at $69.123 and halt there to undergo another phase of profit-taking, with price fading back to $65.087. This way, BTC price should start a repetitive pattern to get to $100,000 by the end of this year. 

Should earnings season start to disappoint and drag down the Nasdaq, expect this to become a headwind for Bitcoin price, and result in a price correction back towards $59,586. As pressure starts to mount for Bitcoin bulls, expect to see more profit taking and price fade further towards $55,619. Another leg lower would see $50,019.