Bitcoin Remains Very Bullish As It Surges Over The $60,000 Mark
The digital asset space was very excited when Bitcoin finally retook its all-time high and soon hit another point, which is the $60,000 mark. The space is happy to see that the cryptocurrency was becoming bullish after the long bearish market, which tore down a significant part of the digital asset’s worth.
Fortunately, the healthy rise has influenced other people to join the space as analysis shows more gains than declines within the next few weeks. Although nothing is certain when talking about digital assets, some speculators believe that Bitcoin would achieve the $70,000 before March ends as the crypto continues to breakout from vital resistance points, leading to more impressive highs.
Bitcoin surges over the $60,000 mark
Yesterday had started with a daily low of $58,000, and the space would not have predicted the asset breaking out so early in the bull market. The asset had a problem breaking the $58,000 point as the resistance mark was too strong to overtake. But it fell to the $57,000 point and was able to retake and bypass the $58,000 mark within a day.
The space understands that with higher and attractive prices comes more selling pressure that could be the factor for the asset’s fall as traders continue selling off the crypto at an alarming rate. When the coin finally overtook the $58,000 point, it skyrocketed to the $60,000 mark, where it is currently trading.
The asset’s resistance point is now around the $60,000, $62,000 and $64,000 price points, while the support holds around $40,000, $39,000 and $38,000 marks. The asset had tested the $58,000 point before finally gathering enough bullish momentum to bypass the point, and that caused it to attain more significant price points.
During the surge, the asset stopped around the $61,000 point but failed to hold the key support leading to its fall to the $60,000 mark. Many people understand that it’s very common for Bitcoin to see a drawback when it finally hits a higher point, and the drawback would help it move on to higher highs.
BTC’s charts show the presence of market bulls
The same issue might be happening as Bitcoin saw a drawback when it finally attained the targeted $61,000 point as it recedes to $60,000 within some hours. Investors should keep holding their assets because the decline might mean higher movements up the charts. It’s safe to note that Bitcoin is around the overbought region, but that has not stopped it from continuously rising, but this might mean drastic falls in the future.
The Relative Strength Index (14) is also looking healthy as it is around the 76-level, showing that the asset might skyrocket anytime it has the opportunity. The bulls are also not letting their guards down as the bears can use the drawbacks as an opportunity to initiate more declines, which could take the asset from the bullish market.
Charts show that the crypto would likely continue to move upwards as the position is very healthy for more highs. The bulls have to cooperate to prevent any more drastic corrections.
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