We are seeing Bitcoin make new highs, the price rises strongly getting closer and closer to $ 65k. At the time of this writing, BTC is trading at $ 63,312.06, accumulating a gain of 11.17% in the last 7 days.
The narrative behind the price increase remains the same simple and concise as always, the supply continues to decrease as a result of the low production of coins and holders that keep their belongings firmly, while the demand grows and grows as more people and institutions are realizing how valuable this asset is as a refuge from bad monetary policies in countries.
We are in the middle of the bull cycle, and at the moment there is no reason to think that a big decline is going to begin.
Sure, it is entirely possible that we will see a major correction down the road, but this is not the time to sit back and wait for it.
Bitcoin climbs to nearly $ 65k thanks to intact bullish succession
The rise in the price of Bitcoin that we are seeing was quite predictable, thanks to the bulls holding the short-term uptrend in their hands.
With ever higher lows and highs seen on the daily chart, there was no reason to think about declines.
Buyers put enough pressure on the support at $ 55,777 to prevent the bears from dragging the price lower. From there a new momentum started that may still be in development.
Today after reaching a new historical maximum of $ 64,854, the price has shown a bit of exhaustion, and although this may indicate the beginning of a small correction or break, each fall will be nothing more than a search for demand that causes new rises.
Still the momentum should drive the price higher
When we look at the weekly chart we notice that BTC has been developing momentum from the medium-term trend for quite some time, and that it still has some ground to cover.
After the price fell towards $ 43,000 at the end of February, a healthy pullback was complete.
From there the price of Bitcoin has been going up and up, but with little force along the way, however, still no negative signs have we seen on the way despite the weakness, so we should continue to see the continuation of the rise, easily exceeding 65k.
The targets that the price should reach in the near future are: $ 66,500 and $ 76,870.
All our publications are informative, so in no case should they be followed as investment advice.