Bitcoin Explodes Above $63,000 As Bulls Eye This Next Level (BTC Price Analysis)

The price of Bitcoin has seen some major moves over the past two weeks. The bulls are fighting to re-establish their dominance, with a convincing rally above $60,000. But will it last?

Technical Analysis

By TradingRage

The daily chart

The price has been oscillating within a descending channel on the daily chart for the past two months. The channel briefly broke to the downside a few days ago.

However, BTC quickly recovered and moved back up inside the channel, making a false bearish breakout. With the $60,000 level also becoming support, the price is likely to target the $68,000 resistance level in the near term.

Source: TradingView The 4-hour chart

Looking at the 4-hour chart, it is clear that the price has quickly recovered from below the channel and the $60,000 level. The middle line of the descending channel is now the next target.

Meanwhile, with the RSI approaching the overbought zone, the price could experience a pullback soon. The continuation of the uptrend depends on whether the price can finally break the channel to the upside.

Source: TradingView On-Chain Analysis

By TradingRage

Bitcoin Miners Position Index

While the price of Bitcoin has traded below the $75,000 level, many market participants have been offloading their coins as they assume that the bull market may be over or that a much deeper pullback is likely. However, miners are not part of this group.

This chart shows the Miner Position Index (MPI) metric. It measures the selling pressure of miners. Values ​​above 2 can be considered dangerous as they show massive destruction by miners.

Source: CryptoQuant

As the chart shows, the CPI has been falling rapidly over the past few months. This is a good sign as the selling pressure from miners is easing. Thus, with sufficient demand, the price of Bitcoin may once again begin a rally towards $80,000 and even higher prices.

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