[Bitcoin Price Analysis: If Bitcoin stays above this level, it will head towards $60,000 and $64,000]
Bitcoin prices have hovered below $60,000 for the past few weeks, but recently broke above $57,000 and surged to $58,500 in a short period of time, setting an eight-day high. Looking at the daily chart, the price bounced off the $52,000 support and is expected to challenge the $60,000 resistance in the future.
The relative strength index (RSI) also rose above 50%, indicating a possible uptrend in the near term. On the 4-hour chart, the market has broken out of a descending channel, which could push the price towards $60,000 or even $64,000, subject to a hold above $57,000, according to a classic bullish pattern.
In addition, on-chain data shows that the whale ratio on Bitcoin exchanges has increased rapidly, indicating that a large number of large transactions are taking place in the market. Some investors are diversifying their assets while others are accumulating, indicating that the market may experience significant fluctuations.
