The bitcoin (BTC) price has been increasing since bouncing on March 25. It’s currently reapproaching the $60,000 level.
While bitcoin is expected to reach a new all-time high, a short-term retracement is likely prior to the final breakout.
BTC has been increasing since bouncing on March 25. Since then, it’s reached a high of $59,800 on March 31.
Currently, the price is trading inside the $59,500 resistance area. This is the 0.786 Fib retracement level of the previous drop. Technical indicators have turned bullish. The MACD has given a bullish reversal signal and the RSI has crossed above 50.
While the stochastic oscillator has yet to make a bullish cross, it’s very close to doing so.