Summary
TLDR: Bitcoin price is nearing the correction target of $60,000 and may face further downside potential. Various support levels and indicators suggest both bullish and bearish scenarios, with the possibility of a new all-time high if certain resistance levels are broken. Bitcoin dominance also shows mixed signals for bulls and bears in the medium term. This analysis is for informational purposes only, and readers are advised to conduct their own research before making any financial decisions.
Key Points
1. The Bitcoin price has nearly reached the correction target of $60,000, as previously forecasted when it was around $71,700.
2. The Bitcoin price currently sits 17% below its all-time high (ATH) of approximately $73,800, nearing the anticipated correction target of around $60,000. This aligns with the next significant Fibonacci support at approximately $60,270, where a bullish bounce could potentially resume the upward trajectory.
3. In the daily chart, Bitcoin’s trend remains bullish in the short to medium term, supported by a golden crossover of the EMAs. However, bearish signals are observed with the MACD lines crossing downwards and the MACD histogram showing a bearish trend despite the RSI being in neutral territory.