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BTC/USD outlook: Sharp bullish acceleration nears psychological 60K barrier

BTC/USD outlook: Sharp bullish acceleration nears psychological 60K barrier
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin continues to trend higher and extends rally into fifth straight day, with strong bullish acceleration seen in past three days, when coin’s price rose nearly 15%.

Large long positions from big players were the main driver of Bitcoin in past few sessions, as demand rose significantly after trading of new US spot bitcoin ETF has been recently approved.

Bulls continue to firmly hold grip and nearing psychological 60000 barrier, keeping the Bitcoin on track for a massive monthly gains (around 40%), the biggest since October 2021.

Tuesday’s close above Fibo barrier at 56291 (76.4% retracement of 68911/15437 downtrend) generated fresh bullish signal, which will be boosted on sustained break of 60000 pivot and expose coin’s all-time highs at 68421 and 68911 (posted in April and November 2021 respectively).

Bulls show no signs of fatigue so far as demand remains strong, though some profit-taking in the near future should be a logical reaction to a strong rally in past few days.

Res: 51600; 52500; 53085; 54330.
Sup: 50500; 50000; 48310; 47500.

BTCUSD

Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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