Bitcoin might be targeting the $58,500-59,000 resistance zone in the near term. The crypto could retrace after taking out the above mentioned resistance and drag towards the $46,000-47,000 levels going forward. Most traders might be preparing to take some profits around the $58,000-59,000 levels and initiate fresh long positions after the pullback is complete.
Bitcoin may remain bullish until the price stays above the $40,000 initial support as highlighted on the daily chart here. Bulls are looking poised to push through the $65,000 high either from here or after slight correction to the $4,6000-47,000 mark, going forward. The immediate price support is at $40,000, while resistance stands around $59,000.
Bitcoin traders might be preparing to buy on dips rather than sell on rallies. The trend will change to bearish only if the $40,000 support breaks in the near term. In that case the corrective drop could re-test $39,000 before it resumes its rally.
Potential rally towards $65,000 against $40,000.
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