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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.
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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.
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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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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