The current market situation is explained by Vladimir Kavetsky, an analyst with Nanny Ventures.
The weekly Bitcoin candle closed in red, but the long shadow still indicates that buyers could quickly regain the advantage. Probably the market has weeded out the “excess passengers” ahead of the next leg up. We breached the rising local trend (from $30,000), but the body of the candle closed above the trendline – a good signal for buyers.
This week’s bulls’ advantage is evident, as shown by the breakout of the $57,000-$58,000 range. Now all eyes are on the psychological level of $60,000, which had failed to be breached five times in a row, after which we saw a drop to $50,500.
The more times the price approaches the level, the weaker it becomes. Right now, buyers should have enough power to break through $60,000.
If buyers manage to break the all-time high and hold the price above $62,000, the next stop could be $68,000–$69,000. Moreover, the fundamentals support this:
- PayPal will allow paying with Bitcoin at partner stores.
- The payments company VISA will add the USDC stablecoin for settlements.
A move above the all-time high ($61,844) and holding above $62,000 would allow viewing the $68,000-$69,000 range as the nearest target already this week.
On the 4-hour chart, the price broke through and retested the moving averages and continued to rise on strong volumes.
The bullish signal this week is that every day the price opens higher than the previous day’s open.
The probability of price falling to the $57,000 zone remains. If this is merely a quick shake-out of longs, the price is more likely to turn toward the all-time high and targets of $68,000-$69,000. In the absence of market news, a flat range over 2-3 days is quite likely. In such a case, altcoins will perform well.
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