Bitcoin Price Analysis: BTC to restore $60,000 as climb to $65,000 gains traction

Bitcoin Price Analysis: BTC to restore $60,000 as climb to $65,000 gains traction

During the weekend session, Bitcoin crossed paths with $60,000 for the first time. The uptrend coincided with the rise in crypto assets such as Ethereum, which surpassed $4,000 for the first time in history. At the time of publishing, the flagship cryptocurrency is trading at $59,500, after continuing to rise from its support level of $56,000.

Bitcoin is getting up to $60,000 in value.

We spoke about the Relative Strength Index (RSI) showing a bearish divergence last week. The bearish instinct enters the picture as the RSI deviates from the asset's price. In other words, as the price rises, the RSI falls noticeably.

The technical formation indicates that the uptrend is losing momentum as volume decreases. A breakdown, akin to Bitcoin's decline to $56,000, usually follows. The RSI has broken the pessimistic divergence at the time of publishing, suggesting that the pattern has turned bullish.

A sustained advance into the overbought area would demonstrate to investors that the uptrend is still intact, and therefore BTC's rise to $65,000 is likely.

Four-hour Bitcoin/USD map

Meanwhile, Bitcoin has to crack past $60,000 one more time to confirm the breakout. In the plus side, the Moving Average Convergence Divergence (MACD) indicates that investors are in the lead.

The pattern will continue to be bullish as long as the MACD line (blue) crosses and remains above the signal line. On the downside, support has been identified at $58,000, the confluence of the 50 SMA and the 100 SMA, as well as $56,000.
Intraday Bitcoin rate
The current spot rate is $59,450.

Bullish trend

Low volatility

$58,000, $56,000, and $53,000 in assistance

$60,000 and $62,000 in opposition.