Bitcoin (BTC) has been struggling to move above the $59,500 area for the past seven days.
Bitcoin is expected to eventually break out from this resistance and gradually move towards a new all-time high.
BTC has been increasing since bouncing on March 25. While the increase has been significant, BTC has stalled near the $60,000 level. It’s been struggling to move above it since March 30.
However, technical indicators are bullish. The MACD has given a bullish reversal signal, the RSI has crossed above 50, and the Stochastic oscillator has made a bullish cross.
Therefore, BTC is expected to eventually break out from this minor resistance level.
The short-term chart supports this scenario. It clearly shows the resistance level at $59,500, which has been tapped five times since March 18.
The more times a resistance level gets touched, the weaker it becomes. Therefore, a breakout from this area is expected.
Similar to the daily time-frame, the potential breakout is also supported by the six-hour RSI and MACD.
It’s still unclear if BTC will decrease in the short-term prior to the breakout, or if it will do so swiftly.
The most likely wave count indicates that BTC is in an extended sub-wave five (orange) of a long-term wave five (white).
The most likely target for the top of the move is found between $83,500-$90,000. This range is found by using Fib projections on waves 1-3 and sub-waves 1-3 (white and orange Fib). In addition, an external retracement is used in order to find the $83,500 target.
Bitcoin is expected to reach a new all-time high price. Afterward, it could potentially move towards the range of $83,500-$90,000.
It’s still unclear if BTC will drop in the short-term prior to a breakout.
For BeInCrypto’s previous bitcoin (BTC) analysis, click here.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.