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Bitcoin Price Prediction as BTC Is Back Above $60,000 Before the Weekend – Bullish Week Incoming?

Arslan Butt
Last updated: | 4 min read

The technical outlook suggests a bullish Bitcoin price prediction, as BTC is holding around a pivotal price point of $61,651. Ascending beyond this mark, Bitcoin faces immediate resistance at $64,565, with further resistance anticipated at $67,085 and $70,000.

Conversely, if Bitcoin’s price falls, it encounters immediate support at $59,165, with subsequent levels at $56,675 and $54,335 poised to offer further stability.

Recent trends on the 4-hour chart show Bitcoin surpassing the 50-day Exponential Moving Average (EMA) at $61,575, transitioning it from a resistance to a support level.

As discussed in the morning story on Bitcoin price prediction, the ‘three white soldiers’ candlestick pattern suggests strong bullish momentum. Nonetheless, a resistance near $63,200 could temper the ascent, demanding a breakthrough for further gains.

Bitcoin Price Prediction - Source: Tradingview
Bitcoin Price Prediction – Source: Tradingview

Should Bitcoin overcome this barrier, it is likely to challenge the next resistance at $64,564 promptly.

Overcoming this could thrust Bitcoin towards $67,084 and potentially reach as high as $70,000, especially if it surpasses a distinct double-top pattern near $67,000.

Supporting this bullish scenario is the Relative Strength Index (RSI) at 63, signaling robust buying interest.

Technical Indicators:

  • RSI: 63, reflects strong buying pressure.
  • 50 EMA: $61,574, now provides support.

With these dynamics, Bitcoin’s prospects appear favourable above the $61,650 pivot. Remaining above this level could lead Bitcoin to test upper resistances. However, slipping below could trigger significant sell-offs, targeting lower support levels as the market reassesses its direction.

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