Cryptocurrency News

Bitcoin Set To Trigger Bullish Run

Michael Collier

Bitcoin is gradually trying to create an upward momentum as the digital asset has continued its consolidation phase that it started some days ago. Despite the asset moving and touching close to the $62,000 mark some days ago, it fell swiftly in a volatile market. As it stands now, Bitcoin has not yet touched or crossed any key or technical level.

A look at its trading activities shows that Bitcoin is still maintaining its bullish run but is still clogged by a stall in the market. This stall is not only in the Bitcoin market as other assets have also shown significant stalling in the market in the last few days.

Bitcoin still has a short term bullish momentum

Bitcoin is currently trading at a region close to $59,000, and this is a very good move compared to the one some days ago. This is seen as a remarkable move because the digital asset has climbed above both moving averages. If the asset keeps moving with the asset already breaking above, it could go on and touch the key resistance at $60,000. With that level, the asset could go all the way to touch the $64,000 level before going on to touch the $66,000 price mark.

If the asset eventually breaks past those two, it could go all the way to touch $68,000. Assuming the digital asset fails to continue its break above the 60 level and takes a nosedive, it could as well go under to test the support levels at $49,000 and $47,000. If the bears continue their movement, the asset could go all the way to $45,000.

The 4-hour chart of Bitcoin

If Bitcoin plans to use this bullish run for its good, the asset needs to continue trading above the 9 day and 21-day moving averages. If that is achieved, the recovery of the asset would see it extend to the $60,000 and surmount it. If the move is sustained, the asset could be hoping to break out of that resistance and clinch in on the small resistance that is located at $62,000.

However, a steady move downward by the asset may see it close in on the nearest support level at $55,800. If the asset continues a movement in this direction, it could see it extend to touch the $55,000. At that point, the Relative Strength Index would be going below the asset trading below the 55-level.