- Bitcoin renews the uptrend above $62,000 as bulls look forward to new record highs.
The short-term technical picture appears positive for BTC apart from a sell al from the .
Bitcoin recently rose to a new all-time high amid the speculation accompanying the approval of the first BTC . The flagship cryptocurrency lifted to slightly above $67,000, a move that significantly reduced the distance to $70,000. Many analysts believe that Bitcoin still has a long way to go, with the next two months before the year ends being of great concern.
Bitcoin Price Resumes Uptrend Targeting New ATH
The bellwether cryptocurrency trades around $62,050 at the time of writing. The last 24 hours have been vital to BTC and the return above the in green. As long as bulls keep the price above $60,000, Bitcoin will keep the uptrend intact in the near term.
According to the ( ), Bitcoin is gradually getting back into the bulls’ hands. This technical index that follows the trend of assets and calculates the strength of the bulls and the bears has rebounded at 60. If the upward movement remains steady to the overbought area, Bitcoin is bound to gain momentum.
It is worth remembering that the 100-day ( ) has recently crossed above the 200-day . Although this index does not qualify as a golden cross pattern, its occurrence affirms the bulls’ growing influence in the market.
On the other hand, we cannot ignore a sell signal with the Moving Average Convergence Divergence ( ). Like the , the follows the trend of an asset calculates the momentum. As the 12-day crossed below the 26-day , the odds for a pullback soared. This means that bears could as well regain control and push the price below $60,000 again.
Bitcoin Intraday Levels
Spot rate: $62,050
Support: $62,000 and $59,000