First Mover: Bitcoin Hits New All-Time High Above $63.1K

PLUS: Bitcoin Breaks to All-Time High, Ending Three Months of Consolidation
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Technician's Take

by Damanick Dantes

Bitcoin Breaks to All-Time High, Ending Three Months of Consolidation

 

Bitcoin (BTC) is currently trading around $62,600, after pushing early Tuesday to a new all-time high above $63,000. After three months of consolidation, buyers have finally regained strength. Support is seen around the breakout zone of $60,000, which should be monitored for confirmation.

Four-hour chart shows BTC breakout to all-time high with rising support (Source: TradingView)

  • The broader uptrend in BTC remains intact despite slowing momentum on the daily price chart. Buyers have remained active at higher support levels since March, although profit taking at intraday overbought zones signaled a period of indecision.

  • BTC has maintained trend support on both the four-hour and daily chart, which should trigger upside volatility.

  • BTC is now overbought on intraday charts and could remain in that phase during strong breakouts.

  • BTC still faces less upside momentum on the weekly chart, which continues to diverge from the near two-fold price increase since January. However, given the breakout, resistance is now seen around $68,000-$70,000.

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Be on the look out for these upcoming events:

  • 12:30 UTC (8:30 p.m. ET):
    • U.S. Consumer Price Index (CPI) for March. Forecast: +0.5% (Year-over-year: 2.5%)
    • U.S. Core CPI for March. Forecast: +0.2% (y-o-y: 1.5%)

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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. 

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