en
Back to the list

Bitcoin Bulls Push Toward ATH Prices With Coinbase IPO Looming - Is Another Epic Surge Incoming?

source-logo  coincodex.com 13 April 2021 08:03, UTC

Key highlights:

  • Bitcoin is up by a total of 4% over the past week as the cryptocurrency holds above $60,000 and heads toward $61,000.
  • The Pi Cycle Top Indicator did print a potential signal for the end of the bull cycle. However, it is most likely to be a false signal.
  • The Coinbase IPO this week will cause a crypto gold rush, according to ETF investors.

Buy Bitcoin on Binance

Bitcoin price $60,945
Key BTC resistance levels $61,192, $62,212, $62,500, $63,555, $65,000
Key BTC support levels $60,000, $57,500, $57,170, $55,000, $54,715

*Price at the time of writing

The price of Bitcoin is up by a total of 4% over the past week of trading as the cryptocurrency sets its sights for $61,000 before making another attempt at the ATH price.

The cryptocurrency is currently inches away from setting a new ATH price as it battles with the resistance at $61,192 (1.618 Fib Extension level) that stalled the market in mid-March. A break above this resistance would allow Bitcoin to surge higher and head toward the $70,000 - creating new ATH prices along the way.

One of the largest cryptocurrency exchanges in the industry, Coinbase, is expected to conduct an IPO on the US stock market this week with its asset, COIN, going live on NASDAQ this Wednesday.

The listing of one of the top-tier exchanges on the US Stock Market puts cryptocurrency into a new category of investments as the broader industry starts to recognize its importance.

In other news, the Pi Cycle Top Indicator from Decentrader is a live chart that notes when previous market cycles for Bitcoin have topped out. It uses the 111 DMA and the 350 DMA to signal when the market may be ready to top out. In recent days, the 111 DMA crossed up above the 350 DMA, suggesting the market may have topped outfit history repeats itself:

In addition to this, the amount of Bitcoin that has been HODL’d for over a year remains very high, indicating that the market is most likely to ready to top out at any time in the short term. According to the chart, around 55% of all the Bitcoin in existence has not been moved for over 1-year, indicating that holders are refusing to move their tokens and are still extremely bullish on their holdings:

Meanwhile, Mike McGolen, Senior Commodity Strategist at Bloomberg Intelligence, continues to believe that the Bitcoin Plateau is distant. His reasoning is the fact that the Bitcoin supply continues to decline, and the demand for the asset continues to rise. As you may know, this sets the perfect foundation for any investment to continue to increase further:

Technical Outlook: Still in Price-Discovery Mode, #Bitcoin Plateau Appears Distant --
Bitcoin supply is declining and demand is rising, leading us to expect continued price appreciation and the establishment of a higher plateau as the crypto matures. pic.twitter.com/V4kTzfhjZv

— Mike McGlone (@mikemcglone11) April 12, 2021

Lastly, it is important to note that Galaxy Digital is the latest institution to file with the US SEX to open a Bitcoin ETF. The interesting thing about this filing is that Galaxy already trades publicly in Canada and already acts as a sub-advisor for the Canadian Bitcoin ETF.

A Bitcoin ETF has been something that holders have longed for over an extended period of time as each and every proposed ETF has been rejected by the SEC. The hope was that an ETF would make it easier for institutions to invest. However, it seems that excessive inflation through money printing has already helped institutions to take the leap and use Bitcoin as a hedge against negative returns on their cash holdings.

Let us take a quick look at the markets and see where we might be heading.

Bitcoin Price Analysis

What has been going on?

Analyzing the daily chart above for Bitcoin, we can see that Bitcoin had rebounded from support at $45,000 at the beginning of March as it started to surge higher. By the middle of the month, BTC had reached resistance at $61,192 (1.618 Fib Extension) and failed to overcome the level.

From there, Bitcoin started to head lower throughout the rest of March until support was found at $50,220 (.618 Fib Retracement). It rebounded from there and started to head higher by the end of the month.

In April, Bitcoin spent the first few days of the month battling with the resistance at $60,000. It failed to break $60,000 in the first few days of the month and dropped as low as $56,000 last week. Luckily, it rebounded from there over the weekend and started to push higher again.

On Saturday, Bitcoin finally spiked above the $60,000 level again to reach as high as $61,192 again. However, it still failed to close a daily candle above the resistance there. It continued to fail to close above it for the past two days.

Today, BTC has, once again, pushed above $60,000, but a daily closing candle above the resistance would be required to confirm the breakout.

Bitcoin price short-term prediction: Bullish

Bitcoin still remains bullish right now. It would need to drop beneath the $50,000 level (March support) to turn neutral now. Bitcoin would have to continue further beneath $41,300 (.618 Fib Retracement) to start to show signs of turning bearish in the short term.

If the sellers push lower, the first level of support lies at $60,000. This is followed by $57,500, the rising trend line, $55,000, $54,715 (.382 Fib Retracement), $52,500 (.5 Fib Retracement), $50,220 (.618 Fib Retracement), and $50,000.

Beneath $50,000, added support lies at $47,500 (100-day EMA), and $45,000.

Where Is The Resistance Toward The Upside?

On the other side, the first level of resistance lies at $61,192 (1.618 Fib Extension). Beyond this, resitance is expected at $62,592 (short term 1.272 Fib Extension), $64,000 (short term 1.414 Fib Extension), $65,000, and $66,120 (1.272 Fib Extension - purple).

Additional resistance lies at $67,500, $68,745 (1.414 Fib Extension - orange), $70,000, $71,530 (1.618 Fib Extension - purple), and $73,455 (1.618 Fib Extension - blue).

Keep up-to-date with the latest Bitcoin Price Predictions here.

Previous BTC analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent articles about the price of Bitcoin:

  • Bitcoin Sees $1 Trillion Market Cap For More Than 10 Days As Entire Cryptocurrency Industry Surpasses Value of US Banking Sector (Bullish)
  • Bitcoin Sees Bullish Sentiment Return After PayPal Announces Worldwide Cryptocurrency Payments - New ATH Incoming? (Bullish)
  • Bitcoin Hits Short Term .618 Fib Retracement But Bearish Market Sentiment Seems To Be Taking Control - How Low Will It Go? (Bullish)
coincodex.com