The BTC after the rally, had ended up in a wedge. However, Bitcoin has revealed a sign of recovery as the price has spiked from the wedge's bottom trendline and has been consolidating at a crucial support level of around $60,000 on the daily chart.
If the BTC crypto manages to surpass the wedge's above trendline with a thrust, it could set for a colossal surge, which could end up in the breakout of the falling wedge. This would gear up the rally to crack the resistance level (like $65,480, $67,500, and $72,470) and could also rocket to new peaks.
At press time, the BTC crypto is experiencing a fall of -1.70% in the last 24 hours, trading at $62028.3.
Therefore, if the demand rises, then the Bitcoin asset price could bounce back from the current level. However, if the BTC crypto price fails to stay above the $60,000 price level, it could start to decline further and could attempt to lower toward the major $50,000 support level.
If the BTC crypto manages to surpass the wedge's above trendline with a thrust, it could set for a colossal surge, which could end up in the breakout of the falling wedge. This would gear up the rally to crack the resistance level (like $65,480, $67,500, and $72,470) and could also rocket to new peaks.
At press time, the BTC crypto is experiencing a fall of -1.70% in the last 24 hours, trading at $62028.3.
Therefore, if the demand rises, then the Bitcoin asset price could bounce back from the current level. However, if the BTC crypto price fails to stay above the $60,000 price level, it could start to decline further and could attempt to lower toward the major $50,000 support level.