Bitcoin price is rising towards $61,000 and is aiming for a possible breakout to the $67,000-$68,000 range

Bitcoin (BTC), the largest cryptocurrency in the market, has seen a remarkable rise bullish momentumwith Bitcoin price reclaiming the crucial $61,000 threshold.

This rebound follows a week-long downtrend that saw it fall 20% to $56,000 on Wednesday. If bullish momentum returns, the possibility of further testing the upper resistance levels and reclaiming previously lost price levels increases.

Bitcoin Bulls Eye $68,000

After According to market expert Justin Bennett, a rebound from the $61,000 resistance level would open up potential areas such as $67,000-$68,000. However, currently this level continues to represent significant resistance.

Analyst Crypto Con analyzes the recent correction in Bitcoin price suggests that the market correction was necessary for long-term price development.

The full retest of the 20-week Exponential Moving Average (EMA) support at $56,700 and the return to the indicator Support Zones like the Directional Movement Index indicate healthy price consolidation.

In addition to the technical indicators, Ki Young Ju, founder and CEO of on-chain and market data analysis firm CryptoQuant, highlights the current bullish sentiment.

BTC whales went on a buying spree in the last 24 hours. Source: Ki Young Ji on X

After you Data, Whales have accumulated a significant amount of Bitcoin within the last 24 hours, totaling 47,000 BTC. This increased accumulation by large investors further strengthens the positive outlook for Bitcoin price.

Bitcoin price is set for a bullish rise

Crypto analyst Titan of Crypto has made further optimistic predictions for the Bitcoin price. suggest that recent corrections have caused leveraged long positions to seize liquidity. Additionally, the Stochastic Relative Strength Index (RSI) is about to cross the bullish zone on the 5-day chart.

This event has historically been followed by an uptrend Price movement in Bitcoin, leading to higher highs. Such a pattern could boost investor confidence and create further buying pressure.

Another positive signal highlighted of Titan of Crypto is the latest buy signal generated by the Supertrend indicator as seen in the chart below. This technical tool helps identify trends in the price movement of an asset.

BTC’s supertrend buy signal. Source: Titan of Crypto on X

The buy signal, which came just three months ago, suggests that Bitcoin may still have significant room to grow before it hits its cycle high. According to the analyst, historical data suggests that the average duration from buy signal to Bicycle top is around 19 months, indicating the potential for a continued uptrend.

The daily chart shows BTC’s price recovery over the last 24 hours. Source: BTCUSD on TradingView.com

Bitcoin is currently trading at $61,600 and has seen a significant increase of 4.7% in the last 24 hours alone. It remains to be seen whether BTC manages to overcome the resistance levels while questioning the ability of previously retested support levels to withstand potential future downtrends.

Featured image from Shutterstock, chart from TradingView.com

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