Bitcoin (BTC) Pushes to Reclaim Previous All-Time High Resistance

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In Brief
  • Bitcoin has support at $57,800.

  • BTC has broken out from and retested an ascending support line.

  • BTC is likely in the final sub-wave of a bullish impulse.

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The Bitcoin (BTC) price is in the process of reclaiming the previous all-time high resistance area at $57,800.

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Bitcoin is expected to be successful in reclaiming this level and gradually moving towards a new all-time high price.

Bitcoin Attempts Reclaim

BTC has been moving upwards over the past three days, more specifically since reaching a low of $53,271 on March 16. 

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Today’s movement is very important. Bitcoin is in the process of reclaiming the $57,800 area, which previously acted as the all-time high resistance. If the current daily candlestick closes above it, it would confirm that the area is now a support. 

In addition, technical indicators are turning bullish. The Stochastic oscillator has already made a bullish cross, the MACD is positive, and the RSI is above 50.

BTC Chart By TradingView

Short-Term Breakout And Retest

The six-hour chart also supports this possibility. 

Bitcoin has already broken out from and retested a descending resistance line. The retest left a long lower wick behind, which also had a bullish close. 

In addition, this validated the $57,00 area as minor support. 

Both the MACD and RSI support the continuation of the upward move towards a new all-time high price.

BTC Chart By TradingView

Wave Count For Bitcoin

A look at the short-term count suggests that BTC is in the fifth and final sub-wave (black) of wave five (orange).

A confluence of Fib levels provides a target between $67,000-$68,500. The latter is more likely to act as the top, due to being the target of two different Fib extensions.

A Bitcoin drop below the red line, which is the previous lower high of $54,124, would suggest that the upward movement has ended. 

For the longer-term wave count, click here.

BTC Chart By TradingView

Conclusion

Bitcoin is expected to reclaim the $57,800 area. After that, it’s likely to gradually increase towards a new all-time high price.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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