Bitcoin has maintained its importance with the advantage of being the first cryptocurrency to survive the decadence of transformation, battling the market gains of other recently launched currencies. At this hour, BTC is rated higher than the other nine cryptocurrencies in the top ten list. A staggering market capital of $ 1,113.4 billion.

There has been a panic situation since exceeding the previous swing of $ 57,000 Bitcoin price actionas it fought selling pressure from investors panicked by the last two sell-offs at similar levels. However, BTC got a new buying mood after retesting its $ 53,000 swing support level. Additionally, with the 200 DMA stagnating, BTC could get another boost in terms of price action once that critical moving average moves a little higher.

Bitcoin price analysis

BTC became a trend after a lengthy battle with consolidation. It’s now hitting $ 60,000 in less than four weeks, which translates to a 50% ROI, which is amazing in reality.

BTC / USD has significantly stronger support from the psychological level of $ 40,000, which has now risen to the level of $ 50,000. With strong buying actions, Bitcoin even tested $ 60,007 on the daily charts again, but at this level it fell by minor profit bookings.

Based on our BTC forecast, the coin will receive strong sentiment once it closes above the $ 60,000 mark in the coming days. A closing price below the level indicates hesitant investor sentiment, which may slow this rally. But even if such a scenario does play out, the Bitcoin price will rise towards $ 70,000 in a short period of time. RSI has shown itself to be at the ultimate buy level of over 70 at a constant volume.

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