BTC Eyes $60K and $64K If It Stays Above This Key Level

The price of Bitcoin has been trading sideways beneath the $60,000 mark for the past few weeks.

However, a shift may be on the horizon as the asset soared to an 8-day high of nearly $58,500 earlier today.

Technical Analysis

By Edris Derakhshi

The Daily Chart

On the daily chart, the price recently bounced back from the $52,000 support level and has moved above the $57,000 mark. The market is now likely to trend upwards towards the $60,000 resistance level in the near future.

In addition, the RSI is rising above the 50% line, indicating a possible short-term uptrend.

The 4-Hour Chart

The 4-hour chart showcases a typical bullish price action pattern. The market has been in a downtrend within a descending channel but has recently broken above this structure.

According to classic price action theory, this breakout could lead to a bullish rally, pushing prices towards $60,000 and possibly even $64,000. However, it is crucial for the price to maintain above the $57,000 support level for this scenario to hold true.

On-Chain Analysis

By Edris Derakhshi

Bitcoin Exchange Whale Ratio

Despite Bitcoin’s price experiencing a prolonged consolidation, the underlying market dynamics have shifted considerably. As such, on-chain metrics could provide insightful information.

This chart illustrates the Bitcoin Exchange Whale Ratio, a metric that measures the proportion of large transactions relative to total deposits on exchanges.

The data suggests that the Exchange Whale Ratio has been rapidly increasing during this recent consolidation phase, indicating a surge in large transactions. Some market participants are offloading their BTC while others are accumulating. Although the impact of this trend on the price is yet to be determined, a notable price movement seems likely.