CoinGapeNews

Bitcoin Price Prediction: BTC settles above $60,000 as $70,000 beckons

Bitcoin has bounced off immediate support around $59,000 and is moving toward $70,000.
The least resistance path is upward based on the applied moving averages.
Failure to break above the ascending channel’s middle boundary may increase selling pressure, perhaps push BTC under $60,000.
Bitcoin broke out during the weekend to trade a new all-time high of around 61,775. The majestic rally saw Bitcoin rise above the previous record high, slightly above $58,000. Trading above $60,000 was an incredible move, which attracted speculation that $70,000 was the next rendezvous for the bulls.
In the meantime, Bitcoin is trading at $60,100 amid a renewed uptrend eyeing the recently formed barrier under $62,000. Price above this zone will pave the way for gains toward $70,000.
The path of least resistance is upwards at the time of writing based on the short-term technical picture. Although the applied moving averages are playing catch, the gap created by the 50 Simple Moving Average (SMA) above the 200 SMA and the 100 SMA is wide enough to show that BTV is comfortably in the hands of the bulls.
The bellwether cryptocurrency is also exchanging hands within the confines of an ascending parallel channel. The pattern’s lower edge has been keeping bear in check, ensuring that declines are controlled.
On the upside, bulls are battling the critical resistance at the channel’s middle boundary. If this resistance is pushed into the rearview, Bitcoin will have a smooth path to new all-time highs heading to $70,000.
BTC/USD 4-hour chart
Read more
BTC/USD price chart by TradingviewIt is worth mentioning …
Story continues on CoinGape

Related posts
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Litecoin, VeChain, Basic Attention Token Price Analysis: 14 February

Litecoin showed some exhaustion above the $221 level but stabilization at that mark was healthy in the long-term. VeChain moved within an ascending channel but threatened a breakdown, while BAT entereThe post Litecoin, VeChain, Basic Attention Token Story continues on…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Barstool Sports’ Dave Portnoy regrets missing out on making $5 million worth of Bitcoin

Ever so often, the price of Bitcoin makes a commendable upsurge, and skeptics backpedal on their previously bearish take. It happened to the singer Lily Allen, who would’ve been richer than the queen of England, had she said yes to…
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Chainlink, Cosmos, Zcash Price Analysis: 14 March

Chainlink’s brief recovery above $28.5 support was quickly negated by the sellers, who targeted the aforementioned level at the time of writing. ATOM threatened to break lower from $18.7 support, whilThe post Chainlink, Cosmos, Zcash Story continues on AMB Crypto