Bitcoin price rolls on the runway ready for takeoff to $70,000
Bitcoin spurred action across the cryptocurrency market on making a confirmed break above $60,000. Moreover, lifting above the recent all-time high near $62,000 proved to investors that the bull run had returned. Buyers rushed into the market on Tuesday, adding weight to the bullish outlook. At the time of writing, Bitcoin dodders slightly under $64,000 amid the renewed bullish outlook.
Bitcoin bulls back in the cockpit
The flagship cryptocurrency is trading within the confines of an ascending parallel channel, as illustrated on the four-hour chart. Breaking above the middle boundary paved the way for gains eyeing a spike to highs above $65,000 and toward $70,000.
It is worth mentioning that the Moving Average (MACD) indicator puts the bullish narrative into perspective. The recent MACD line (blue) strike above the signal line added credence to the bullish outlook. As long as the technical picture remains intact, the bellwether cryptocurrency may hold the uptrend to new historical highs.
BTC/USD four-hour chart
The 50 Simple Moving Average (SMA) on the four-hour chart has sustained the position above the 200 SMA since the golden cross at the beginning of April. In other words, this technical picture confirms the buyers are firmly in control.
As the bulls reach new all-time highs, a break above the upper channel’s edge would trigger more buy orders as the fear of missing out (FOMO) grips investors. Speculation for a rise to $70,000 will likely increase, steadying Bitcoin’s journey.
Bitcoin intraday levels
Spot rate: $63,730
Support: $63,000, $62,000 and $60,000
Resistance: Ascending channel’s upper edge
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Source – Coin Market Cap