Bitcoin (BTC) price has reached the $60,000 correction target after hitting its all-time high. Which direction will the price of the cryptocurrency go from here? Bitcoin is currently trading 17% below its all-time high of approximately $73,800 and is approaching the anticipated correction target of $60,000. This situation aligns with the next significant Fibonacci support level at around $60,270, potentially indicating that the upward trend could continue.
However, in a more severe correction scenario, Bitcoin could target key Fib support levels around $51,500 and $36,000. As long as Bitcoin stays above $36,000, the upward trend could remain intact. These levels could offer opportunities for upward recoveries, but the extent of the correction target remains uncertain. Nonetheless, monthly chart indicators such as the moving average convergence divergence (MACD) metric and the neutral relative strength index (RSI), alongside bullish MACD lines, are not yet signaling a downtrend.
Bitcoin could face resistance at approximately $65,500 and $69,000 if it rebounds from the 0.382 Fib support around $60,270. A break above the previous year’s high of $69,000 in the cryptocurrency could signify the end of the correction phase and pave the way to a new all-time high. Conversely, experts suggest that if Bitcoin falls below the 0.382 Fib support, it could face more downside potential, with support possibly targeting around $51,500.
Current Data on BTC
Despite the MACD histogram indicating a downtrend and the RSI being in overbought territories, MACD lines continue to show an upward trend, and the golden cross on the weekly chart could indicate that the mid-term trend is still bullish. On the other hand, according to analysts, Bitcoin’s trend on the daily chart continues its rise in the short and medium term, supported by the golden cross of the EMAs.
However, even though the MACD lines are crossing downwards and the RSI is in the neutral zone, the MACD histogram’s indication of a downtrend highlights bearish signals. Bitcoin’s price is currently supported around $58,783 by the 50-day EMA, and the potential recovery zone is between $58,783 and $62,270. Failure to hold these levels could lead to a significant correction, with potential downside targets around $36,000, supported by the 200-day EMA at approximately $44,500.
