The BTC/USD pair is currently holding above $63,500. The next step for the bulls is to push the price above $65,050, which will be a crucial higher high and will officially break the current downtrend. Is this the first stage of Bitcoin’s march towards all-time highs?
Momentum drives Bitcoin higher
BTC price could be about to open the door to the next higher high and towards the top of the bull flag. Not far above this is the reward of surpassing the all-time high of $73,800.
Despite threatening to exit the ascending channel early Thursday, the bulls gathered to push the price back inside and now $BTC price appears to be on its way to break the $63,600 resistance.
Once successful, and the above is confirmed, a higher high of $65,050 will be within reach.
Most likely, it is time for $BTC price to rise. The Stochastic RSI indicator at the bottom of the chart shows that short-term upward momentum is building. This is the case with the 8-hour Stochastic RSI indicator, while the 12-hour Stochastic RSI indicator is also approaching the bottom, ready to move upward and signal upward momentum.
Bitcoin is once again ushering in a new round of opportunities
The weekly chart shows that everything seems to be going well for Bitcoin. $BTC price is steadily moving towards the top of the bull flag pattern and is currently supported by resistance (blue line).
First at the bottom of the chart is the Relative Strength Index, which shows potential breakouts, as well as trend reversals if a breakout is successful.
Below is the weekly Stochastic RSI, which is currently showing strong upside momentum. Both indicators will be confirmed on Sunday’s close.
Bitcoin is a barometer of global liquidity
Finally, the chart shows how various assets are affected by the current rising global liquidity.
Of all assets, Bitcoin is the most sensitive to global liquidity, meaning it can be seen as a barometer of this rising liquidity.
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