The Bitcoin (BTC) price increased slightly last week and reached its highest-ever weekly close.
BTC is expected to break out above the current horizontal resistance area and reach a new all-time high price.
Highest-ever weekly close
BTC increased slightly last week, going from a low of $55,473 to a high of $61,500. It managed to close at $60,002, which was simultaneously the first close above $60,000 and the highest-ever weekly close.
There are some signs of weakness, however. There is a decreasing momentum in the MACD and a bearish divergence developing in the RSI. However, the RSI has yet to reach its divergence line and the MACD has not yet made a bearish reversal signal.
Therefore, the signs are not sufficient enough to predict that a top has been reached.
BTC aims for new all-time high
The daily chart looks decisively bullish.
While BTC was rejected on its attempt at a new all-time high on April 10, it is currently gearing up for another upward movement.
Technical indicators are bullish.
The RSI has moved above 50, the MACD has given a bullish reversal signal, and the Stochastic oscillator is moving upwards.
Therefore, the price is expected is reach a new all-time high.
The six-hour chart also supports this.
BTC has broken out from a descending resistance line and validated it as support after. This candlestick also created a very long lower wick.
In addition, it has reclaimed the $59,600 resistance area. Technical indicators are bullish. Therefore, a breakout is expected, followed by a new all-time high.
For the long-term wave count click here.
Both the daily and short-term bitcoin charts support the possibility of a breakout and a new all-time high price.
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.