- Bitcoin has been on a tear this week, hand-in-hand with Shiba Inu.
- With a 14% rally, price action in BTC still has some room left to go higher.
- The next price target to the upside for bulls is the high from late May near $60,000.
Bitcoin (BTC) price has been on a solid rally with a very technically built bull run. Buyers stepped in each time on crucial technical levels this week, making it a textbook example of how to trade a rally. Bulls are not done yet as there is still some fuel in the tank, and with global markets acting as additional motivation, the next target will be $60,000.
Bitcoin price bull run nowhere near end as new buyers join rally
Bitcoin price action has been on the front foot with a solid and technical rally that originated on October 4. Buyers picked up BTC at $47,065 with both a historical level and the 55-day Simple Moving Average (SMA) as two main reasons for an entry. After the break above $50,000, the $50,019 level supported the next stage upward.
BTC price action support at $50,019 originated from August 21 and kept price action in check throughout past months toward either the upside or the downside. As this level turned into support, bulls added to their longs and made price action take out $53,350. With that break, bulls started to fade near $55,619. With the rally now taking a breather, the $53,350 level offers oxygen and the opportunity for buyers to get in again before BTC price action tries to reach $60,000.
BTC/USD daily chart
However, with market sentiment quite choppy these past few days, current sentiment could shift rapidly overnight. Buyers will want to lock in as many gains as possible, which could make Bitcoin price fade back toward lower support levels near $50,019. If there is a dip lower as markets flip back to risk-off, expect a further downturn toward $40,750, paring back all the gains realized in this current bull run.
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.
Follow us on Telegram
Stay updated of all the news
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.