BTC is on track for $60,000 and $64,000 if it holds above this level

The price of Bitcoin has been consolidating below the $60,000 level in recent weeks.

However, things could be about to change soon as the asset hit an 8-day high of nearly $58,500 today.

Technical Analysis

By Edris Derakhshi

The daily chart

On the daily chart, the price has recently bounced back from the $52,000 support level and is back above the $57,000 mark. Currently, the market is likely to rise towards the $60,000 resistance level in the coming days.

Meanwhile, the RSI is also rising above the 50% threshold, which would point to a potential short-term bullish trend.

The 4 hour chart

The 4-hour chart also shows a classic bullish price action pattern. The market has been declining in a descending channel. However, it has recently broken above.

Based on classic price action, this pattern will lead to a bullish rally, which could lead to an uptrend towards the $60,000 and even $64,000 levels. However, the price must hold above the $57,000 support level for this scenario to be valid.

Chain analysis

By Edris Derakhshi

Bitcoin Exchange Whale Ratio

While the price of bitcoin has gone through a frustrating consolidation, the underlying market dynamics have changed significantly. Therefore, chain metrics can yield beneficial results.

This chart shows Bitcoin’s exchange whale ratio, a metric for measuring the ratio of large transactions compared to overall deposits on exchanges.

As the chart suggests, the Exchange Whale Ratio metric has risen rapidly during the recent consolidation. This indicates that many large transactions are occurring as some market participants distribute their BTC while others accumulate. While the effects of this change in price remain to be seen, significant price movement is likely.

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