Bitcoin Holds above $60,000 Psychological Price Level, Revisits $62,900 High

In the previous price action, the bulls failed to sustain the bullish momentum above the $62,900 high. As a result, the BTC price fell back to the support at $59,000 as the bulls bought the dips. Today, buyers initiated a new uptrend to break the previous high. Can the bulls break the recent high? The Relative Strength Index is at 73, which suggests that Bitcoin has no room for a new uptrend. In other words, the price of BTC has reached the overbought zone. If the bulls fail to break the recent high, BTC/USD will be forced into a trading range between $59,000 and $62,500.

Bitcoin indicator reading

The cryptocurrency is above 80% of the daily stochastic range. Bitcoin is in bullish momentum and approaching overbought territory. The moving averages of the 21-day line and the 50-day line are pointing north, indicating an uptrend. If the price breaks below the moving averages, the uptrend will be over.

Technical indicators:

Major Resistance Levels - $65,000 and $70,000

Major Support Levels - $60,000 and $55,000

What is the next direction for BTC/USD?

On the 4-hour chart, the BTC price has retraced to support above the 21-day moving average line. The bearish candlestick also tested the bullish trend line and resumed a new uptrend. Had the candlestick broken through the trendline yesterday and closed below it, selling pressure would have resumed. Bitcoin will resume a downtrend.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.