Bitcoin Price Breaks the $60K Resistance

Bitcoin’s (BTC) price neared its all-time high of $61,712 early Saturday.

This is the first time BTC traded above $60,000 for the first time in nearly a month after spending weeks vacillating between $52,000 and the upper $50,000s. Bitcoin pulled back marginally after peaking around $60,900, though it remains above the psychological marker at this time.

Bitcoin last hit an all-time high in mid-March so if BTC can fond support at $60,000 we could see a push to break all time highs. The push past $60,000 came on a 100 SMA break with an increase in volume. It looks like we are getting a bullish flag.

Technicals The 1 week technicals are neutral to a strong buy.

This neutral to a strong buy is true on all time frames 1 min to 1 month. The bear case would be $60,000 does not hold and we push back down to the $52,000 level again. I think the risk/reward says to hold or buy as I thnik the movement will be bullish.

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