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.