- Bitcoin price has set new all-time highs at $ 62,741 after leaving the previous high in the dust.
- A decisive close above the MRI breakout line at $ 61,780 will signal a further bullish move.
- The move up is likely to create a temporary top at $ 68,145 before moving to $ 75,000.
The price of Bitcoin has finally finished its protracted consolidation, beginning its journey into uncharted territory.
Bitcoin price embarks on discovery phase
Bitcoin price action has been contained within an ascending parallel channel for almost three months. This technical pattern is obtained by connecting the highest highs and the highest lows using trend lines.
However, the recent surge in bullish momentum has created a new all-time high at $ 62,741.
In doing so, the breakout line of the Momentum Reversal Indicator at $ 61,185 was a crucial level that prevented the pioneer cryptocurrency from venturing higher. However, the recent surge in buying pressure has exceeded this level, suggesting a sharp rise in the market value of BTC.
Potential targets that the bulls are looking at include the channel’s midline at $ 68,145 and the 141.4% Fibonacci extension at $ 75,291.
Supporting this optimistic outlook for the flagship cryptocurrency is the buy signal recently generated by the SuperTrend indicator.
BTC / USD 1 day chart
If BTC fails to produce a decisive daily close above the breakout line at $ 61,780, a pullback to the lower trend line of the ascending channel at $ 58,640 seems plausible.
A break below that level could trigger a 6% sell-off to the 78.6% Fibonacci retracement at $ 54,798.
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