Bitcoin breaks new resistance and marks a new high above $71,000. Let's look at the future outlook for the BTC price.
Bitcoin (BTC) price situation
After rebounding from the $60,000 support, Bitcoin crossed $64,500. It then quickly exceeded its daily resistance, located around $66,500, thus confirming the return of a medium-term upward trend for the cryptocurrency. Subsequently, the crypto's bullish momentum was sustained until it reached $69,500. After a slight drop to around $65,000, Bitcoin was able to rebound to finally reach $70,000.
At the time of writing, the Bitcoin price is trading around $71,000, continuing its upward trend. BTC has returned above its 50 and 200 day moving averages, forming a “golden cross”. This phenomenon confirms the medium-term upward trend of the cryptocurrency. Concerning the dynamics of BTC, it remains oriented towards buying, confirmed by its oscillators and its price itself.
The current technical analysis was carried out in collaboration with E, a passionate investor and trader in the cryptocurrency market. Today trainer at Family Tradinga community of thousands of own-account traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.
Focus on derivatives (BTCUSDT)
The open interest of BTC perpetual contracts as well as its CVD continue to evolve in line with the price of the underlying asset, showing a growing interest from speculators, mainly in purchasing. As for funding rates, we see that they remain positive, once again confirming the optimism of speculators on Bitcoin perpetual contracts. Regarding liquidations, they are rare, which demonstrates a healthy market where buyers and sellers are in agreement with the direction of the market.
The liquidation heatmap shows that BTC/USDT has reached a liquidation zone around $70,000. Buying interest in the cryptocurrency appears strong, with the price heading towards the next liquidation zone above $72,000. Below the current Bitcoin price, active liquidation zones are below $65,000 and then around $61,600. Lower still, a liquidation zone lies between $59,000 and $56,500. If the price approaches these levels, it could lead to a massive triggering of orders, increasing the risk of volatility for the cryptocurrency. These areas therefore represent a crucial point of interest for investors.
Bitcoin (BTC) price forecasts
- If the price of Bitcoin remains above $65,200, we could anticipate reaching $72,000. If the upward movement continues, we could envisage an progression to the Bitcoin ATH, located around $73,700. Beyond that, we note a second resistance, identified at the monthly pivot point, around $74,760. Reaching this last level would represent an increase of close to 5%.
- If Bitcoin fails to stay above $65,200, a return to $63,000, or even $62,000, could be considered. The next support to watch, in case the bearish movement continues, is around $61,600. Further down, we note the support of $60,000, reaching which would represent a drop of around 15%.
Conclusion
Bitcoin is showing strong upward momentum, marked by successive rebounds which confirm a return of confidence among investors. The trend remains positive, supported by favorable technical signals, indicating continued buying interest in the cryptocurrency. While this fuels optimism, it remains essential to carefully monitor price reaction at key levels in order to validate or adjust current forecasts. Finally, remember that these analyzes are based solely on technical criteria, and that the price of cryptocurrencies can evolve quickly depending on other more fundamental factors.
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