- Bitcoin price hit a record $ 62,741 after the previous high remained in the dust.
- A critical close above the MRT breakout line at $ 61,780 signals an upturn.
- The surge is likely to hit a temporary high of $ 68,145 before moving to $ 75,000.
Bitcoin price has finally ended its ongoing consolidation, indicating its journey into uncharted territory.
Bitcoin price starts in the discovery phase
The Bitcoin price action has been on an ascending parallel channel for almost three months. This technique is achieved by connecting the two higher highs and three higher lows using trend lines.
However, the recent surge in upward momentum has created a new all-time high at $ 62,741.
In doing so, the breakout line on the Momentum Reversal Indicator at $ 61,185 was a key level that prevented the pioneering cryptocurrency from venturing higher. However, the recent surge in buying pressure has reversed that level, suggesting a sharp surge in the market value of BTC.
Potential targets bulls are watching include the centerline of the channel at $ 68,145 and the Fibonacci extension level of 141.4% at $ 75,291.
This optimistic outlook for the flagship cryptocurrency is supported by the recently issued buy signal from the SuperTrend indicator.
BTC / USD 1-day chart
Unless BTC produces a crucial daily candlestick near the breakout line at $ 61,780, a retracement to the lower trend line of the ascending channel at $ 58,640 seems plausible.
A breakdown of this level could trigger a 6% sell-off to the 78.6% Fibonacci retracement level at $ 54,798.