Bitcoin Experiences 1.59% Rally in Past 24-hours and May Grow up to $60,408.08

Finally, after so many months, the investors holding Bitcoin (BTC) in their wallets have relief as it has started growing higher in value. For several months, Bitcoin was experiencing a low price and the bulls found it difficult to even the $40k per BTC mark.

However, the past couple of weeks has been a success story for Bitcoin as it has continued experiencing a surge. If we look at the growth rate of Bitcoin in the past 30-days, we see Bitcoin has experienced a weighted growth of 21.31%.

If we come down to the growth rate for Bitcoin in the past 7-days, we see its price has surged by 11.50% and then 1.59% in the past 24-hours. This means that the bulls have finally started taking control of the trend, and the bears seem to have run out of energy to carry on with the bearish trend.

Technical Analysis and Market Preference for Bitcoin

At the time of publishing, the unit price of Bitcoin is at a high price of $47,872.46 per BTC. This is a promising situation for the bulls as they can keep on adding more value to it without the fear of bears launching their counter any time soon.

At present, oscillators for Bitcoin are showing a “neutral” preference from the investors’ end towards Bitcoin. As for the moving averages, the preference of the investors is at “strong buy”. The summary scale for Bitcoin is also pointing towards the “buy” sentiments of the investors.

Surprisingly, the relative strength index for Bitcoin is at 71.05 and the ultimate oscillator for Bitcoin is also at 68.49. This means that the overall trend for Bitcoin is currently bullish and investors can continue investing in Bitcoin without any fear or concerns.

Bitcoin’s Elevation to $60,408.08

With the technical factors and the trend strongly supporting the bullish sentiments, it is only a matter of time more investments start coming in. Once that happens, the price of Bitcoin may continue surging, and go on to hit the 200-day SMA for Bitcoin ($48,281.16).

As the pressure keeps building over the bears, they may continue fighting with the bulls. But as the bulls keep going for higher gains, they may gain strong backup from the investors. This would eventually push the bears out of the competition, and Bitcoin’s price may rise to $48,909.36 per BTC.

Once the first high price is hit, the bulls may go for another bullish run, forming a strong rally. This time, the rally would be formed keeping in mind that they have to hit the second resistance mark for Bitcoin, which is worth $53,114.54.

As the momentum keeps building and Bitcoin crosses the $55k per BTC mark, the investors’ confidence level will be skyrocketed. This would cause the price of Bitcoin to rise up to $60,408.08