Naeem Aslam
Zaye Capital Markets
Bitcoin, the crypto king, is trying to maintain its upward momentum. Over the weekend, we did not see any major move in the Bitcoin price as the price did nothing more than consolidation. All eyes have been on Ethereum as it crossed above the 3K price level and it is highly likely that ETH prices could reach the 5K price level.
In terms of technical analysis, Bitcoin price posted its first weekly gains after two consecutive weeks of losses and this shows that perhaps the sell-off may be over for the crypto king and the price may be ready to resume its bullish trend. Of course, the most important resistance level for the Bitcoin price is the 60K, a level where we have seen plenty of battles between bulls and bears. After this psychological resistance level, traders will be focused on all-time high and their efforts will be devoted to break above this level and continue to push the price towards the next important resistance level which is at 70K. On the daily time frame, the price has broken above the 50-day SMA which is immensely bullish for the Bitcoin price and as long as the price stays above this moving average, we are likely to higher moves for the Bitcoin price.
The information is purely for education purposes only and cannot be perceived as an advise.
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