Bitcoin closed the weekly candle at + 15.66% and saw immediate buying pressure on the new day and week pushing the price back above $ 57,000, which started to allow people to ask about the price forecast for the short term.
The price of Bitcoin spent most of Sunday in red numbers and closed the daily canlde at -2.12% [US$ 56.577,93].
The most prominent money in the world and the number one crypto by market cap has spent the range of the past few days between where it peaked last month [US$ 64.804,72] on April 14, 2021 (19 days ago]and where did you jump [US$ 47.409,83] on April 25th.
It decreased -11.6% from its ATH, where is Bitcoin going to go?
Are Bitcoin’s bearish obstacles in the previous view?
At the time of this writing, Bitcoin [US$ 57.548,44] is above $ 800 on the new day and rising above all low and moving average barriers.
As illustrated below by a TradingShot user on TradingView, BTC is setting prices much higher if it can push the moving averages on the 4HR chart.
This user traced the BTC to push upwards of $ 70,000 if it reaches the measured upward movement and continue its bullish cycle before any further bear selling pressure occurs.
Bitcoin price forecast
However, $ 70,000 + may just be the start of the next wave. Faibik , another analyst at TradingView, points out that Bitcoin has been trading on the same upstream channel for the past 5 months. This is a super high channel that has seen several BTC ATHs made over this period of time.
This upstream channel could lead to a test sooner than many might expect towards a six-digit price and $ 100,000 + BTC for the first time in the asset’s history.
A downside outlook for an equal measure
It would be a mistake not to address the possibility that BTC will fail from here because anything can happen in the markets. If BTC broke down here, the first support and an important region to be considered critical would be the 100-day moving average [US$ 55.324,81]. Anything below that level would encourage bulls to expect a recovery on 50 DAY MA in [US$ 53.501,67].
If these levels are in fact breached, it would be time for a new analysis and a little concern, but for now the price action suggests that upward movements are coming. A push above $ 60,000 seems imminent, and any significant period of time over that region would suggest that an ATH test is not far off.
Traders will be looking for significant candle closings, such as 4HR, when $ 60,000 is again exceeded. This would be a good indicator that the BTC will re-test its ATH in search of new milestones.