Bitcoin Forecast: $60k Floor Established, Bitcoin Poised to Breach $67k

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Key Takeaways

An oversold RSI reading and a bullish divergence contributed to Bitcoin surge.
4-hour chart 20 and 100 EMAs golden cross suggest continued rally.
Bitcoin experienced its most substantial daily gain in over a month, rising by 6.70% on Monday.
Bitcoin faces a critical resistance level at $67,000.

Bitcoin Analysis

While the cryptocurrency market can often exhibit seemingly random behaviour, a closer examination of recent events surrounding Bitcoin (BTC) reveals a fascinating relationship between technical factors, fundamental developments, and even geopolitical events.

Earlier in the quarter, Bitcoin experienced a significant decline, finding support at the crucial $54,000 level, which also coincided with the bottom trendline of its established bearish channel. Interestingly, the oversold reading on the RSI indicator, coupled with a bullish divergence, hinted at a potential trend reversal.

Bitcoin recovers on RSI divergence

This technical setup was further bolstered by a two-week consolidation phase, where Bitcoin hovered within a triangular pattern between the $60,000 resistance zone and the channel support. With all technical indicators seemingly aligned for a breakout above the critical $60,000 resistance, the market witnessed a dramatic shift on Monday.

With all technical indicators seemingly aligned for a breakout above the critical $60,000 resistance, and following the news of a failed assassination attempt on Donald Trump, the market witnessed a dramatic shift on Monday. A surge in buying volume propelled Bitcoin above the $60,000 resistance zone.

As if aligned by fate, the 4-hour chart also displayed a golden cross of the 20 and 100 EMAs further amplifying the bullish sentiment.

Golden cross aligns with Bitcoin breakout

The impact of this news event is undeniable. Bitcoin experienced its most significant daily gain in over a month, rising by a staggering 6.70% on Monday. Market participants interpreted the failed assassination attempt as a positive development for Trump's re-election chances in November, potentially leading to a policy environment more favorable to cryptocurrencies.

Veteran equity and futures trader David Zimmer acknowledges the difficulty of predicting election outcomes and the potential impact on markets. While unsure of the election winner, he recognizes that "assassination attempts skew results" and suggests that cryptocurrencies may be the most likely beneficiary of this unforeseen event.

Encouraged by these developments, Jan3 CEO and Bitcoin advocate Samson Mow made a bold prediction. He believes Bitcoin will never fall below the $60,000 level again. This sentiment aligns with the current price action, as Bitcoin has held above the newly reclaimed $60,000 support level.

Looking Ahead, Bitcoin opened today at $65,000 and appears poised for further gains. However, a crucial resistance level awaits at $67,000. Overcoming this hurdle will require sustained buying pressure to propel the price to new highs.

Where is the Best Place to Trade Bitcoin?

We have prepared a list of exchanges with the highest ratings according to the Traders Union's evaluation methodology. These exchanges support a large number of currency pairs for spot trading for investment, futures trading for active trading, and have low fees.

	Coins Supported	Futures Maker Fee, %	Futures Taker Fee, %	Futures leverage
Crypto.com	250	0	0,05	50
Kraken	278	0,02	0,05	50
OKX	329	0,02	0,05	125

Team that worked on the article

Sholanke is a financial market analyst, trader, and writer. He has over 10 years of experience in forex, stocks, commodities, indices, cryptocurrencies, and other financial assets. As an author for Traders Union, he enjoys sharing institutional insights, analytics and expert forecasts on various financial instruments.

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