Bitcoin (BTC) Skyrockets Past $63K: What’s the Next Target for Crypto Bulls?

• Bitcoin’s price has been going through some major moves throughout the past couple of weeks. The bulls are fighting to reestablish their dominance, staging a convincing recovery above $60K. But will it last?
• Technical analysis shows the price has been oscillating inside a descending channel on the daily chart for the past couple of months. However, BTC quickly rebounded and climbed back inside the channel, making a fake bearish breakout.
• On-chain analysis suggests that while many market participants have been offloading their coins, miners are not in this group. This could be a positive sign for Bitcoin’s price in the near future.

Bitcoin’s price has seen significant movement in recent weeks, with bulls pushing for a recovery above $60K. This article provides a detailed analysis of these trends, offering insights into what might be next for the leading cryptocurrency.

Technical Analysis

By TradingRage

The Daily Chart

The price has been oscillating inside a descending channel on the daily chart for the past couple of months. The channel was briefly broken to the downside a few days ago. However, BTC quickly rebounded and climbed back inside the channel, making a fake bearish breakout. With the $60K level also turning into support, the price will likely target the $68K resistance level in the short term.