Article published on Coinpedia Fintech News.
With a 2.20% increase over the past day, Bitcoin price today hit a high of $59,976. Moreover, amidst the growing bullish movement, the major cryptocurrency recorded a trading volume of $30.856 billion.
This surge has many wondering why Bitcoin’s price has been on the rise recently. According to some reports, speculations such as increased whale/institutional activity and the upcoming Federal Open Market Committee (FOMC) meeting are the main reasons behind the surge.
With the “Fear of Missing Out” (FOMO) on the rise in the cryptocurrency market, our expert analysts have written a detailed article revealing market sentiment, price analysis, and potential short-term price action for the largest cryptocurrency by market cap.
Bitcoin price retests $60,000! After trading in negative territory for a short period, Bitcoin price has gained more than 10% over the past seven days. This has led to the leading currency breaking the important resistance level at $58,000, heading towards the important psychological resistance level at $60,000.
During the late Asian trading hours, Bitcoin price rose by 3.38% from $57,662 to $59,605. Moreover, with the recent upward move, the price successfully retested the important resistance/support zone around the $58K level.
The Moving Average Convergence/Divergence (MACD) indicator has registered a green chart spike with a bullish convergence on the 1-day time frame, indicating increased bullish movement for the cryptocurrency in the market.
In addition, the 50- and 200-day exponential moving averages (EMA) have started to stabilize, recording a neutral price trend. However, the 50-day moving average shows a potential bullish reversal, indicating a positive outlook in the coming period.
Will Bitcoin Hit $100K This Year? If the market continues to gain momentum, Bitcoin price will retest the resistance level at $60,178. Maintaining the price at this level will set the stage for Bitcoin to head towards the upper resistance level at $66,726 in the coming weeks.
On the other hand, if the trend reverses, it will retest the price support line at $58,000. If it fails to sustain its price at this level, it may drop to the lower support level at $55,000 this month.
