Recovering from a minor dip below the critical $60,000 mark, Bitcoin is back, the rate cut hype has resurfaced. BTC price ends the bearish sprint and resumes the prevailing uptrend, crossing the $61,000 mark as the bullish engines run hot.
So, are you considering buying Bitcoin when the bulls resurface? And more importantly, will this BTC price surge create a new all-time high?
Bitcoin price development
In the last 24 hours, Bitcoin price is up 4.64%, with an intraday growth of 2.84%. In the last two daily candles, Bitcoin is up 4.70% and has surpassed the $61,000 resistance level. Bitcoin is currently trading at $61,184, predicting a bullish recovery.
On a broader level, BTC price action shows an up cycle that is gaining momentum within a falling channel. Considering the prevailing uptrend, this falling channel is also forming a bullish flag pattern.
Bitcoin has formed a short-term rounding bottom reversal, with a neckline at $61,625. A breakout above this level could further extend the BTC price rally.
The MACD indicator is showing a bullish crossover between MACD and signal line, with positive histograms reappearing. The daily RSI line has also shown an uptrend, crossing the 50% mark. These momentum indicators are positive, reinforcing the bullish sentiment.
Weak bullish hands are being shaken out
With $43 million worth of short positions liquidated within 12 hours, the crypto market saw a surge in its recovery phase.
Furthermore, Bitcoin dominance increased by 0.50% to 56.07%, and the BTC price jump improved the market sentiment. The crypto fear and greed index shows that the sentiment has improved as the index increased by 7.14%.
Will BTC price reach $50,000?
The next resistance level for BTC price is the 50% Fibonacci retracement level at $64,766. As the bull cycle in Bitcoin, which starts at the support level of $55,852, has gained momentum, the rally is likely to challenge the upper resistance trend line.
A bullish breakout above this trendline could be a significant buy signal for traders and mark the breakout of the flag pattern. This could see Bitcoin surpass the $73,679 mark, set a new all-time high and potentially target $84,696, the 1.618% Fibonacci level.
