The price of Bitcoin has continued to rise over the past week and has also managed to get a potentially major rebound above the 20-MA. The BTC price had not bounced above this level since the liquidity crisis of March 2020, and the VincePrince chart below illustrates this well.
BTC is now in a major multi-month upward channel that appears to be setting the industry’s six-digit digital gold standard in the near future.
The following 4-hour chart from CryptocurrencyMagnet shows that the first intermediate target for bitcoin is $ 50k, which is a key psychological level for bulls to break into. Above that, $ 51,158 is the first goal above $ 50k that could come quickly once you cross $ 50k.
The key levels to check for the bulls right now are between $ 47k- $ 61k and between $ 41k- $ 47k. If the bears manage to push the price below the second control level and then below $ 40k, there is a good chance that a long bear market could be imminent. The duration of the next bear market is likely to be longer than what the industry has seen since late 2019.
BTC ‘s Fear and Greed Index is reading 72; it is +1 from yesterday’s reading and is still in the Greed part of the index.