Bitcoin looking to test highs at $60k, bought enough at $53k?

The billionaire and founder of Bridgewater Associates, Ray Dalio, believes that bitcoin will never reach a level as high as $1 million.
The billionaire and founder of Bridgewater Associates, Ray Dalio, believes that bitcoin will never reach a level as high as $1 million.

Bitcoin, the world’s biggest cryptocurrency, is looking to test the previous highs at $60,000 after dropping to $53,600 in a recent crash from the all-time high.

However, before jumping into the BTC chart analysis, it is important to look at the price fractal. Bitcoin opened the daily candle for Wednesday at $56,950, and the bulls have been in charge of the price action.

Data shows that BTC reached a daily high of $58,800 and is aiming at $60,000. On the other hand, the daily low for today was recorded at $56,630 on Binance, which is aiming for a big funding round for the US branch.

Moreover, Ethereum, the world’s second-biggest cryptocurrency and a major rival of Bitcoin, is also bullish. As per TheCoinRise, Ethereum is aiming for a new all-time high above $4.8k.

Bitcoin price analysis on the daily chart by TradingView

According to Wednesday’s Bitcoin price analysis, the bulls are ready to test the $60k price level, which is a very important level. If this level breaks, we might see Bitcoin move above to capture support levels at $63k-65k. 

Furthermore, the price action is progressing below the 50-day Moving Average, which is an important level. If Bitcoin successfully closes a candle above $60k and confirms a successful retest, we can expect further higher highs.

Bitcoin price chart
BTC price chart by TradingView

The readings from the MACD indicator on the daily chart suggest a bullish divergence. If this bullish divergence is successful, Bitcoin’s bearish divergence on the weekly chart can be avoided.

The RSI levels are bullish as the gradient is positive, and higher prices are possible. It is possible that Bitcoin successfully tests the $60k price level. The prices are entering the bullish region as buying pressure increases.

Bitcoin price chart
BTC price chart by TradingView

Bitcoin’s bullish price movement can be attributed to the Fidelity BTC spot ETF that will debut on the Canadian exchange this week.

Furthermore, after dropping out from the futures ETF race, Invesco also released a Bitcoin spot ETN in Europe.