- Bitcoin is fueling an uptrend to $ 62,000 as investors react to the groundbreaking news from Visa.
- BTC is in the bulls’ hands based on the MACD on the 4 hour chart.
Bitcoin swaps hands easily over USD 58,000 in the wake of a major technical outbreak. Since Visa Inc. announced that it would accept cryptocurrency transactions on its platform, the price action has been consistently optimistic.
According to Visa, the demand for cryptocurrency transactions has increased and it was time to take a step. First of all, it uses USDC so that users can spend digital assets without converting to fiat.
Bitcoin has continued to drive the upward trend following Monday’s announcement. In addition to crossing the resistance of 50 Simple Moving Average (SMA) on the 4-hour chart, BTC rose above the upper trendline of the descending parallel channel. In addition, the ongoing liftoff was confirmed by a break above the 100 SMA.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart suggests that the leading cryptocurrency is in the hands of the bulls. The bullish outlook was reinforced by the MACD line (blue) crossing above the signal line. The indicator has also returned to positive territory, which gives the narrative more credibility.
BTC / USD 4-hour chart
BTC / USD price chart from Tradingview
It is important to realize that over $ 58,000 of support will ensure market stability. Similarly, buyers are encouraged to increase their positions on the digital asset and speculate on $ 60,000. Additionally, a break above $ 60,000 would trigger massive buy orders as BTC climbs to $ 62,000 and other higher price levels.
It’s worth noting that if Bitcoin closes the day below $ 58,000, the bullish outlook will be invalidated. This will increase the overhead pressure on the 100 SMA support while triggering massive losses if price breaks this anchor zone. BTC could revisit the support between $ 50,000 and $ 52,250.
Bitcoin intraday level
Spot price: $ 58,050
Support: 100 SMA and 50 SMA on the 4-hour chart
Resistance: $ 60,000 and $ 62,000
Disclaimer of liability
The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
About the author
John is a talented writer with over two years experience who actively contributes to the cryptocurrency industry by providing credible, engaging, and easy-to-read content. His main focus is on cryptocurrency price analysis and industry reporting. Let’s follow him on Twitter @jjisige