Bitcoin hasn’t just returned to the $60,000 level but has managed to also surpass the previous ATH of $62,000, thus clearly showing that the bull run has returned. Buyers have rushed to the market on Tuesday, adding to the already bullish outlook.
As the King of Crypto has broken above the middle boundary, thus opening the opportunity to reach levels above $65,000 and towards $70,000.
The Moving Average (MACD) indicator also puts the bullish aspect into perspective. The recent MACD line strike that is above the signal line has contributed to the credence of the bullish outlook. If the technical picture keeps intact, Bitcoin may hold the uptrend and reach new ATHs.
The 50 Simple Moving Average (SMA) on the four-hour chart has managed to keep the position above the 200 SMA since the golden cross at the start of April. Basically, this serves as proof that, indeed, buyers are very much in control.
As the bulls go and reach new ATHs, a break above the upper edge of the channel could lead to more buyers getting involved as a result of FOMO, thus creating speculations that Bitcoin may break the $70,000 level.
Source: Coingape.com