Bitcoin reached a historic high of $63,000
Bitcoin hit a new record yesterday, breaking through the $63,000 mark and then managing to maintain most of its recent gains. Technical analysts have identified the key support and resistance levels of the BTC.
PTS: another ATH
According to CoinMarketRate, the world’s largest digital currency by market value rose to $63,707,34 yesterday afternoon.
At the moment, according to CoinMarketRate, BTC is trading at $63,945, and is not going to fall.
Where will the king of cryptocurrencies go next after reaching these recent highs? Several market watchers helped shed light on this issue by offering a technical analysis of the digital asset.
Predicting the next resistance
“This rally is likely to meet the next resistance level at $65K”, said John Pearlston, publisher of the CryptoPatterns newsletter, emphasizing that Bitcoin was able to reach new highs with more volume.
Perlston stressed that Bitcoin prices may face some difficulties in the short term, noting that:
“There are several more overbought indicators, and there is a bearish pattern on the weekly chart that indicates a price reversal in the next 1-3 weeks”.
Jason Lau, chief operating officer of the cryptocurrency exchange OKCoin, also spoke out and offered a different assessment.
“After several weeks of consolidation, Bitcoin finally broke through the $61k ceiling to set new historical highs overnight,” he said.
“More recently, we saw support at $50-51 and $55-56 K, and if prices stay above $61K, I expect this area to become a new level of support,” Lau said.
“At the moment, we are in price determination mode, but I see that the next resistance target will be $70K.”
He noted that Bitcoin reached its latest record price a day before its scheduled direct listing on Coinbase.
“The markets are positioning themselves for a direct listing, which potentially values Coinbase at $100 billion. As a result, the demand for Bitcoin and cryptocurrency is higher than ever.”
The Bitcoin Market Is Stronger Than Ever
Kiana Danial, CEO of Invest Diva, also spoke about the strength of the market.
“The bullish Bitcoin market clearly has more fuel left to push it further despite the volatility,” she said.
Danial offered technical analysis, focusing on the Ichimoku cloud, which Investopedia defines as “a set of technical indicators showing support and resistance levels, as well as momentum and trend direction.”
“None of the recent pullbacks have been able to push the price below the Ichimoku daily cloud, and the price appears to be zigzagging in an upward channel,” she noted.
“Using the Fibonacci retracement levels tracking the latest uptrend that started in January at $30K, we notice that the key support levels are falling at $56K, $51K and $46K,” Danial said.
“Meanwhile, the next resistance levels are at $70K and $76K, respectively.”
Potential “parabolic growth”
William Noble, chief technical analyst at research platform Token Metrics, also intervened in the dispute, saying that:
“I see $73K as the next level of interest growth.”
“There is a high probability of a more parabolic growth of Bitcoin to $92K. The rise to this level can happen much faster than people think”, Noble said.