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Since our last analysis on the Bitcoin price, we have seen the largest cryptocurrency in the world surge more than 9% in value in a matter of hours. This bullish run saw Bitcoin reaching a new ATH of $64,852.
However, a lot of traders are getting worried that Bitcoin might just be too high and we might expect to see a larger retracement in price in the coming days.
In this Bitcoin analysis, we will be talking about both the bearish and bullish price scenarios for Bitcoin in the coming days.
Bitcoin Running Into Support
There are two key supports I am currently watching. The first being the $61,904 price level. This is the previous ATH and can act as price support for Bitcoin to bounce off in the coming days.
We can already see that $61,904 level fighting to hold up price in the image above. If this level holds, we can expect to see a price bounce and continue heading in the coming days.
However, a break and close below this key support could see Bitcoin selling-off back down to the $58,235 region.
Final Verdict!
Bitcoin is still very bullish both in fundamental and technical analysis, what we are experiencing right now unfold on the Bitcoin chart is a price retest of key supports before resuming the bull run. We can expect the bullish price surge to continue soon.
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Looking For More Trading Opportunities?
We also did a short technical analysis video on Bitcoin and a few popular Altcoins. You can watch this video to take advantage of those trading opportunities and benefit from this crypto bull run.
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