Bitcoin Next Target: Zooms past $65k in a jiffy!

Bitcoin is roaring again with a sharp rally to zoom past the $65k mark. The next targets are even higher leading to $100k mark.

Price got oversold (RSI ~ 30) near $56.5K support and bounced back up. It’s now broken back above 200-day MA (~$58.7K) and above $60K key level, which signals resumption of uptrend with 20% upside potential back to $72K.

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Table of Contents

Bitcoin Next Target

Current Price:$65,496.
Market Capitalization:$1.27 trillion.
24-Hour Trading Volume:$34 billion.

Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance.

Following a resistance breakout, the next closest resistance zone becomes a price target.

Buy Now

Weekly Price Analysis

Price Movement: Bitcoin has seen a significant price movement in the past week, starting from $60,000 and reaching a high of $65,496.

Volatility: The weekly volatility is notable, with Bitcoin experiencing several fluctuations due to market reactions to various news events.

Trend: Short-term trend is Strong Up, Medium-term trend is Down and Long-term trend is Neutral.

Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).

Support and Resistance: Nearest Support Zone is $60.00, then $50.00.

News Roundup

Mt. Gox Transfers: The price of Bitcoin saw a dip under $63,000 following news of Mt. Gox transferring $6 billion worth of Bitcoin.
ETF Inflows: US spot Bitcoin ETFs have reported a $300 million inflow, marking the seventh consecutive week of positive inflows.
Corporate Purchases: Metaplanet recently purchased 21.88 Bitcoins worth $1.2 million.
Political and Regulatory News: Discussions around Bitcoin regulation continue, with significant attention on potential impacts on traditional financial systems and governmental monetary policies.

Indicators

Relative Strength Index (RSI): Currently at 70, indicating that the asset is approaching overbought territory.
Moving Average Convergence Divergence (MACD): Above the signal line, suggesting a bullish trend.
Bollinger Bands: Bitcoin’s price is near the upper Bollinger Band, which may signal that the asset is overbought.