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💰Bitcoin Weekly Forecast: Is Bitcoin out of the woods?
1️⃣Bitcoin price shows signs of continued upward trend, providing buying opportunity between $64,580 and $63,095
2️⃣On-chain indicators predict a bullish future for Bitcoin
3️⃣If Bitcoin clears $70,000, the chances of resuming the uptrend will skyrocket
Bitcoin (BTC) price action over the past two days has confirmed the resumption of the bull run. Yet before investors can fully commit, Bitcoin needs to clear some key hurdles
🔺 Top-down analysis of Bitcoin price
Looking at the weekly chart, Bitcoin’s price could move in either direction. While the current green weekly outlook is promising, the $67,000 to $69,000 range will be worth watching. If Bitcoin manages to overcome this area and flip it into a support area, the bull market theory will become a high probability scenario
The Relative Strength Index (RSI) is trying to rebound from just below overbought territory, showing no real signs of a bullish rebound. The lagging Awesome Oscillator (AO) still indicates declining bullish momentum and is not showing buyers returning
Bitcoin’s daily chart shows a more nuanced outlook compared to the weekly chart. On this lower time frame, Bitcoin shows potential for a drop to the unbalanced area of $64,580 to $63,095, which could be a good accumulation area
But the bias on the daily chart is bullish and suggests a move towards the psychological $70,000 level is possible in the coming weeks. The Relative Strength Index supports this outlook after a recent break above the 50 average, showing a recent takeover by the bulls. AO also hinted at a surge in bullish momentum after the histogram recently moved above the zero mean level.
All in all, Bitcoin’s daily chart shows a clear bullish outlook, and Bitcoin could rise to $70,000 🚀
But it would need to reverse the descending trendline connecting the lower highs formed since the all-time high of $73,949 and the horizontal barrier at $70,000. Once these hurdles are overcome, Bitcoin price will be out of the woods and ready to resume its upward trend. In this case, Bitcoin could attempt to set a new all-time high of $80,000
