Bitcoin is currently having some problems to break above $60000, as a break above this level could easily lead to new all time high, or at least reach the previous all time high at $61844.
Bitcoin is still in a bull run phase and is currently located in a with resistance at $60000 and support at $57000.
So we are really looking at two scenarios only, depending on which level will be broken.
Indicators, indicators where is the price of Bitcoin headed?
Relative demand indicator has failed to break above 60 few times. The 60 level is identical as $60000. It’s interesting how 60 and 40 usually represent some strong resistance or support levels. On the same page, a break below 50 would mean a break below 40 .
Overall daily trend is a strong uptrend as the price of Bitcoin is still above 20 . However a break below this 20 will lead to extended losses to 50 .
So what’s next based on this analysis?
Current price action is suggesting a drop below $57000 that would lead to extended losses to $53000 where a support will be found.