[Bitcoin breaks through $63,000, becoming the next target]
Bitcoin prices have been significantly volatile in recent weeks, with bulls working to regain control and prices recovering above $60,000. However, whether this trend can be sustained remains unknown.
Daily chart analysis: Bitcoin price has been oscillating in a downward channel for the past few months, and recently experienced a brief channel break, but then quickly rebounded and returned to the channel, forming a false bear market breakout. With $60,000 emerging as new support, short-term targets could be towards resistance at $68,000.
Four-Hour Chart Outlook: Looking at the four-hour chart, the price is recovering quickly from below $60,000 and the channel. The center line of the channel now becomes the next target. Meanwhile, prices may face a pullback as the relative strength index (RSI) approaches overbought territory. The continued bullish trend will depend on price breaking out of the channel upper limit.
Bitcoin Miner Position Index: Although Bitcoin prices have been fluctuating below $75,000, some market participants have reduced their holdings, anticipating a possible further correction. However, the Miner Position Index (MPI) shows that miner selling pressure is decreasing, which is a positive sign for the market. As long as market demand continues, Bitcoin has the potential to recover further towards $80,000 and beyond.
