Convergence

Spot

Divergence

The post <a href="https://coinpedia.org/price-analysis/btc-price-records-26-month-high-60k-next-stop-for-bitcoin/">BTC Price Records 26-Month High! $60K Next Stop For Bitcoin?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The market leader, <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a>, has displayed a massive price action over the past few hours by adding over 10% to its valuation, resulting in it successfully achieving its $56,000 mark. 
MicroStrategy’s recent buy of 3,000 BTCs is said to have been the prime reason for igniting the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">BTC price</a>. Moreover, the rising inflow of digital assets post-approval of the Spot ETF also plays a major role in the surge. 
<h2 class="wp-block-heading" id="h-bitcoin-records-26-months-high">Bitcoin Records 26 Months High!</h2> 
The market leader traded in a closed range between $42,019 and $43,376 for about a week, following which the bulls gained momentum, and the BTC price recorded a jump of 14% during four days. After this, the price traded sideways for a while, indicating a cool-off in the price action. 
Following multiple attempts, the bulls regained power and recorded a jump of approximately 8% before facing rejection at $52,468. After this, the <a href="https://coinpedia.org/price-analysis/whats-next-for-the-bitcoin-btc-price-heres-why-its-very-important-to-achieve-52500-this-week/" target="_blank" rel="noreferrer noopener">Bitcoin price traded</a> in a consolidated range between $50,337 and $52,468 for the next twelve days, highlighting a weak price action for the coin. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/JyovdJOB_KD1CEEJOiVQ0799g-5M7CsSS6W3CWRTbfzaqp3rNgfgoOMNTX0pAiGD5jv-H7cwG_SrbZV-UpC2KbXb6gfFi4URJOKcm57HqnxYL3obzXgzWXpLFakd4u2lKm-xFcZhHtUWpcPInFFcCj4" alt="BTC Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: BTC/USDT
 </figcaption>
</figure> 
Recently, the bulls successfully broke out of the resistance level and recorded a jump of approximately 10%, breaking out of multiple resistance levels. Further, the price has recorded a 26-month high, indicating a massive bullish sentiment for the leader in the crypto market. 
The Moving Average Convergence Divergence (MACD) displays a significant rise in the histogram, indicating increased buying pressure in the crypto market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming time. 
Also Read: <a href="https://coinpedia.org/price-analysis/why-is-bitcoin-price-up-today-here-are-the-top-factors-influencing-btc-price/">Why is Bitcoin Price Up Today? Here Are the Top Factors Influencing BTC Price</a> 
<h2 class="wp-block-heading" id="h-will-btc-price-drop">Will BTC Price Drop?</h2> 
If the market continues to gain momentum and pushes the price above the resistance level of $57,224, the bulls will regain power and prepare to test its upper resistance level of $60,000 this week. 
Conversely, if a trend reversal occurs, the bears will lose momentum and fall to test its support level of $54,501 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $50,337 in the coming time.

BTC Price Records 26-Month High! $60K Next Stop For Bitcoin?

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