Posting a 20% gain in two weeks, Bitcoin broke through several crucial resistance levels and swiftly changed negative sentiment to positive. A monthly close above June’s high will confirm a complete trend reversal.

Following the latest movement in Bitcoin’s price, which drove the global crypto market cap up lately, a lot of sellers appeared to have been caught unaware with a sharp bounce off a low of $53,400 this month.

Technically, the bears look trapped and are currently in disbelief of the latest surge in volatility, although they are still anticipating to resume selling pressure below that monthly low, which now stands as support.

Meanwhile, all the resistance levels serving as barriers to the buyers in the past two weeks have been successfully flipped and as we can see, they are now gaining dominance on the daily scale.

Aside from that, it just reclaimed a yearly ascending trendline and now charges near the monthly high. Rejecting this high could bring a slight pullback to form an inverse head & shoulder pattern before rising back.

Now that Bitcoin’s demand level is rising by the day, we can expect a bigger price movement shortly. And with the look of things, this surge might just be the beginning of the most-anticipated bull run. If this plays out, we should expect a parabolic movement to a new all-time high.

Currently, Bitcoin is still charging towards the $63,861 resistance – the monthly high. A successful break-up should bring us to the $66,312 resistance this week and potentially $68,000. 

For a drop, the $61,420 level is the closest support to watch, followed by $60,000 – which stands as a benchmark for a rebound. Lower support for drops are $58,402 and $56,552.

Key Resistance Levels: $63,861, $66,312, $68,000

Key Support Levels: $60,000, $58,402, $56,552.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: zeferli/123RF // Image Effects by Colorcinch

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