• Bitcoin price has set up record levels at $62,741 after leaving the previous high in the dust.
  • A decisive close above the MRI’s breakout line at $61,780 will signal an upswing.
  • The move higher is likely to create a temporary top at $68,145 before proceeding to $75,000.

Bitcoin price has finally ended its prolonged consolidation, indicating its journey into unexplored territory.

Bitcoin price embarks into discovery phase

Bitcoin price action has been contained inside of an ascending parallel channel for nearly three months. This technical is obtained by connecting the two higher highs and three higher lows using trend lines.

However, the recent spike in bullish momentum has created a new all-time high at $62,741.

In doing so, the Momentum Reversal Indicator’s breakout line at $61,185 was a crucial level preventing the pioneer cryptocurrency from venturing higher. However, the recent spike in buying pressure has undone this level, suggesting a sharp rise in the market value of BTC.

The potential targets that bulls are eyeing include the channel’s middle line at $68,145 and the 141.4% Fibonacci extension level at $75,291.

Supporting this optimistic outlook for the flagship cryptocurrency is the recently spawned buy signal from the SuperTrend indicator.

BTC/USD 1-day chart

BTC/USD 1-day chart

If BTC fails to produce a decisive daily candlestick close above the breakout line at $61,780, a retracement to the ascending channel’s lower trend line at $58,640 seems plausible.

A breakdown of the said level might trigger a 6% sell-off to the 78.6% Fibonacci retracement level at $54,798.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

SafeMoon retraces in preparation for 16% jump

SafeMoon price broke out of its range-bound movement as it bounced off a critical demand barrier. Moreover, SAFEMOON has also risen above the midway point of its consolidation, indicating a willingness to ascend. 

More SafeMoon News

This crucial level will determine whether Ethereum Classic price can resume its uptrend

Ethereum Classic price seems to be range-bound. While its correlation with Bitcoin dries up, ETC awaits a spike in volume. Only a daily candlestick close above the 50-day MA will help this crypto rise.

More Ethereum Classic News

Ripple to set the stage for 18% gains

XRP price formed the second peak on June 14, indicating the formation of a double top. As a result, Ripple is starting to decline, heading toward an immediate support level.

More Ripple News

Shiba Inu ready to reverse to $0.0000050

SHIB price faces stiff resistance ahead. A spike in selling pressure could send Shiba Inu drop to $0.0000050. Only a 4-hour candlestick close above $0.0000080 could save the memecoin. 

More Shiba News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP