The Bitcoin (BTC) price is in the process of reclaiming the previous all-time high resistance area at $57,800.
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.
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.
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.
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.
Bitcoin is expected to reclaim the $57,800 area. After that, it’s likely to gradually increase towards a new all-time high price.