- Bitcoin hits a new all-time high, triggering massive buy orders.
- Gains above $60,000 could pave the way for gains eyeing $70,000.
Bitcoin has surged to a new all-time high exactly a year after the Black Thursday crash in March 2020. The flagship cryptocurrency is on the way to hitting $60,000 and perhaps setting the pace for gains toward $70,000.
The 4-hour hour chart shows Bitcoin almost breaking above an ascending parallel channel. Higher support, preferably above $59,000, would help secure the uptrend above $60,000. Action past this crucial level would trigger massive gains as the fear of missing out (FOMO) hits investors.
BTC/USD 4-hour chart
The Moving Average Convergence Divergence (MACD) has already flipped bullish, suggesting that Bitcoin is comfortably in the hand of the bulls. As the MACD line (blue) crosses above the signal line, the uptrend will be validated.
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