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Abstract:Bitcoin price is less than 5% away from reaching its all-time high at $61,788.
Bitcoin at make-or-break point
Bitcoin price has surged nearly 16% since it bounced off the 50 Simple Moving Average (SMA) on the daily chart. Now, BTC needs to climb less than 5% to reclaim the all-time high at $61,788 and even set up a new one.
Such a move is likely to trigger FOMO among sidelined investors, adding to the buying pressure and pushing BTC higher.
Adding credence to a positive outlook is the SuperTrend indicators buy signal, flashed after the Bitcoin price sliced through $59,200. If buyers continue to pile up, the pioneer cryptocurrency could indeed enter a price discovery phase.
In such a case, a 14% uptick in BTC price toward the 127.2% Fibonacci extension level at $70,780 seems likely. Subsequent areas of interest include $75,450 and $82,200.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.