Bitcoin price is in the habit of touching fresh new all-time highs almost every month. At the time of writing, the BTC/USD is trading near $55,772 and within close range of the all-time peak. The buyers will try to use the thin weekend liquidity to push the prices higher amid a growing chorus for scaling new heights.
In the past week, the BTC/USD has survived bearish pressure from various corners. The price slid towards $52k, which only reignited fresh buying interest from the bulls. The $53,500 pivot point has been a prime accumulation spot, particularly for large investors. Bitcoin price prediction suggests that a recovery can target a region north of $60k.
The hourly trading volume is dipping as the weekend dawns, but the liquidity is ample for an up move. Last week’s 5 percent price drop appears to have subsided. Speaking of the entire March month, the BTC/USD moved within a tight range of $50k to $60k. Analysts believe that the current range is serving as consolidation for the pair. The recent bounce back does support the accumulation perspective in Bitcoin price prediction.
Bitcoin price movement in the last 24 hours: Grinding towards $60k
The daily charts speak a bullish story where the buyers are targeting $60k. However, there is extreme resistance between $58k to $60k. Bitcoin price prediction analysis shows a slight dip in the buying momentum compared to January 2021. Bitcoin will likely cross the $60k resistance in the next few weeks, provided the bulls maintain a solid upward momentum in Bitcoin price prediction.
The long-term technical indicators are showing a flip towards the bullish side. The buying momentum is highlighted towards the MACD indicator that is displaying the characteristic bullish crossover. The last week’s bearish crossover on the hourly charts didn’t materialize on the longer timeframe. Therefore, a reversal isn’t imminent, and the price is likely to continue its journey north of $58k in the coming days.
The current price range of $53,300 to $55,770 seems a more settled one where Bollinger Bands supports a muted movement. Whether this is a consolidation or not will be proven in the next few days.
The current daily price range seems immune to extreme corrections since the bears cannot dip the price under $52k. The RSI indicator is giving good signals for BTC bulls. Even though it is in the neutral zone, the upward bias is evident on the hourly charts. The seller’s market seems to have been over as far as technical indicators are concerned.
If Bitcoin price prediction maintains its natural course, the upward trajectory will bring the first line of resistance at $58,000. In the next 5-7 days, the BTC/USD will move towards $58,000 backed by long orders and bullish chart movement. The BTC reserves on the exchange are dropping, and sellers are reducing. Therefore, the only logical conclusion is that HODLing is being undertaken by the traders and investors alike.
Institutional investors are safeguarding their investments and also accumulating more. There is no urge to book short-term profits. Their long-term HODLing strategy will only support higher price levels in Bitcoin price prediction.
Bitcoin price prediction conclusion: Next bull run momentum building up
The rising institutional adoption of Bitcoin is helping BTC cement its credentials as a mature asset. Also, Bitcoin ETFs are gaining steam in the crypto realm. The repeated attempts to touch fresh all-time highs show that Bitcoin is ready to give a serious challenge to the BTC critics. The entry of a diverse range of investors in the crypto realm sends huge positive signals to the investor community.
The 20-day exponential moving average is giving ample support at the $54,426 level. The ascending price channel and the long-wick candle are helping the bulls set up more long positions. The 50-day simple moving average at $51,278 is another support underneath the current wave.
Read more: Cryptopolitan