Bitcoin explodes above $63,000 as next level bullish eye (BTC price analysis)

Bitcoin price has experienced some big moves over the past few weeks. The bulls are fighting to reestablish their dominance, with a convincing recovery above $60,000. But will it last?

technical analysis

Provided by:TradingRage

daily chart

For the past few months, the price has been fluctuating within a descending channel on the daily chart. This channel briefly declined a few days ago.

However, BTC quickly rebounded back inside the channel and made a false bearish breakout. The $60,000 level has also turned into support, and the price is likely to target the $68,000 resistance level in the near term.

4 hour chart

Looking at the 4-hour chart, we can see that the price is quickly recovering from below the channel and the $60,000 level. The midline of the descending channel will be the next target.

On the other hand, the RSI is approaching the overbought zone, so the price could fall back soon. Continuation of the bullish trend will depend on whether the price can eventually break out of the upward channel.

On-chain analysis

Provided by:TradingRage

Bitcoin Miner Position Index

While Bitcoin's price is trading below the $75,000 level, many market participants are selling off their coins, believing that the bull run is over or that an even bigger decline is possible. ing. However, miners are not included in this group.

This graph shows the Minor Position Index (MPI) metric. Measure miners' selling pressure. Values ​​greater than 2 are considered dangerous as they indicate extensive destruction by miners.

As the graph shows, MPI has been declining rapidly over the past few months. This is a good sign as the Miners' selling pressure is decreasing. Therefore, if there is enough demand, the price of Bitcoin could once again start rising towards prices of $80,000 and even higher.