Key Points
- Bitcoin’s price has surged over 10% in the past week, breaking past the $60k barrier.
- Despite some bearish indicators, several metrics suggest a continued uptrend for Bitcoin.
Bitcoin’s [BTC] recent surge above the $60k mark has sparked enthusiasm among investors. This might be the start of a bullish pattern appearing on the crypto’s price chart.
Bitcoin: A Bullish Breakout
Data from CoinMarketCap reveals that BTC’s price saw a double-digit increase last week, surging over 10%. Currently, BTC is trading at $63,370.18, boasting a market capitalization of over $1.25 trillion.
World of Charts, a renowned crypto analyst, recently tweeted about an intriguing development. A bullish descending channel has emerged on Bitcoin’s chart, with the crypto’s price consolidating inside the pattern since May, breaking out just recently.
Since this breakout, BTC has risen by over 5%. If this trend persists, the coin’s price may see a 20% pump in the upcoming days or weeks.
Positive Signals for Bitcoin
Further data from Glassnode points to another positive sign. BTC’s price has been under its potential market bottom of $64k for several weeks, according to the Pi Cycle Top indicator. It’s now rapidly approaching that mark. If this trend continues, Bitcoin might touch its potential market top of $95k in the coming months.
However, not all indicators are bullish. BTC’s fear and greed index currently stands at 71%, indicating the market is in a “greed” phase. This level often suggests a possibility of a price correction.
Despite this, the Relative Strength Index (RSI) and the MACD both indicate a bullish advantage in the market, suggesting that the current uptrend may continue.
