$BTC has been in a tight range in the past few days. On the daily chart, the pair has been forming an inverse head and shoulders pattern. It has now moved above its neckline, which is a positive sign.
Bitcoin has also risen above the Woodie pivot point at $63,265 and is nearing its first resistance level. Also, the pair has risen above the 50-day Exponential Moving Average (EMA) and the Ichimoku cloud indicators.
The Relative Strength Index (RSI) has pointed upwards to 57 while the Awesome Oscillator has formed three consecutive green bars and is nearing the neutral point. Therefore, the outlook for the pair is bullish, with the next target being at 70,000. The alternative scenario is where it retreats and retests the key support at 64,000.
