Bitcoin Bulls Need to Hold Above $61K to Aspire to New Highs in the Mid Term
Earlier this week, Bitcoin broke out of a sideways trend that started in early February. The cryptocurrency surged toward $64,000 in the first days of the week and has since hovered around $63,000.
In last week's analysis, we emphasized Bitcoin's $50,700 support as crucial by the end of the week. It was essential for Bitcoin to close above this support before the weekend.
In the 48 hours that followed, buyers managed to push Bitcoin's price above $51,700 after absorbing the selling pressure. Consequently, Bitcoin avoided a correction.
The $55,000 zone, identified as a short-term resistance, was swiftly breached.
Let's first take a look at the latest outlook on the weekly chart to predict what could come next.
Although Bitcoin made a partial retreat yesterday, it started to form support around the $60,000 band.
As seen on the weekly chart, the long-term resistance point Fib 0.786, calculated as 57,755 this week, was also passed without any problems.
According to the current outlook, the next target is seen as the last peak at $69,000.
We also see that Bitcoin has violated the ascending channel for the first time since the beginning of 2023.
This exponential growth allows the Stochastic RSI, which is currently continuing its upward trend on the weekly chart, to signal that the trend may continue.
If the Stochastic RSI creates a cycle similar to the last quarter of 2023, it has the potential to trigger the cryptocurrency's movement toward its medium-term target of $ 80,000.
On the other hand, the main level that can act as a support point in possible pullbacks is at $ 57,700, which was just crossed this week.
Although this area has been decisively broken, it may become important as a support point this time in possible
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