Analysis: Bitcoin could face a small hurdle while it climbs to $60k

Bitcoin continues to rise. While the next stop for the asset could be $60K, the bears in the market revealed that a setback was in the cards for the king coin.
Illustration credit: Morning Tick
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Bitcoin [BTC] jumped on to the trillion-dollar bandwagon as its market cap soared to a high of $1.05 trillion. The entire crypto industry’s global market cap was seen trying to achieve a high of $2 trillion. The king coin made profits of over 19.91% in the last seven days, pushing the coin’s price to a high of $57K.

During the time of writing, BTC was trading for a high of $56,803.78 with a 5.71% rise in the last 24-hours. The trading volume in the BTC market was $67.11 billion. Binance was seen recording the highest volume of over $4,736,227,392 for the pair BTC/USDT.

Bitcoin one-hour price chart on Binance

Source – TradingView

The short term price chart of Bitcoin revealed that the asset could encounter a slight blip before its big break. The volume in the one-hour chart was quite lower than it was in the last couple of days.

The Awesome Oscillator indicator was seen bidding adieu to the bulls as it flipped from green and walked into the red. This further pointed at a bearish momentum.

The Relative Strength Index indicator revealed that a buyers’ market was noted on BTC’s short term chart since the RSI marker was at 60 median.

Bitcoin one-day price chart on Binance was still harboring the bulls

Source – TradingView

Bitcoin’s one-day price chart suggested that the asset could experience a slight increase in its volatility as the bands in the Bollinger Bands indicator were wide apart. The chart volume was moderate, which further implied that there was not much activity in the BTC/USD market.

The Chaikin Money Flow indicator was seen on an upward trajectory since the begining of the month.

At press time, the CMF marker was seen over zero, which was a bullish sign.

The Money Flow Index indicator was seen exerting a buyers’ notion. The asset was undoubtedly being overbought throughout the month.

Amidst this, the number of BTC addresses in profit hit an all-time high of 34,827,881.101. Bitcoin is undoubtedly luring in investors as well as HODLers thanks to its ever-rising price. While the asset aims for $60K, this metric could further see a surge.

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