Analytics / Forex and Crypto News
Today the price of Bitcoin surpassed the mark of $60000 again, reaching a high of $60103. But it could not stay above the psychological level and at the time of publication dropped to the area of $59300.
Analysts believe that reaching the mark of $60000 could be a signal for the bulls and the cryptocurrency will continue to grow in the new quarter.
Several factors have contributed to the current rise in the price of Bitcoin: PayPal's decision to support cryptocurrencies for its users, Joe Biden's new $2 trillion government spending plan, Morgan Stanley, which may devote 25% of its institutional fund's portfolios to Bitcoin futures.
On the hourly chart, despite the decline in BTC/USD towards $59200, it is still trading above the 100-hour moving average, which provides ample support at $58700. Also on the hourly chart, the BTC/USD pair began to form a triangle with resistance around $59500. If the pair manages to break above this level, the price is likely to rise above $60000.
If the bulls fail to lift the price above the $59500 resistance level, a reverse correction could occur. In this case, the level of 58600 and the 100-hour moving average will stop the price decline. The next support is around $58350.