Bitcoin is showing signs of an impending upward price movement as it nears the crucial $60,000 level. Despite the lack of traditional market activity over the weekend, BTC/USD steadily climbed, reaching local highs of $60,271 on Bitstamp on August 18.
Bullish Indicators Point to Further Gains
Analysts are observing key technical indicators that suggest Bitcoin could be on the verge of another price surge. One such indicator is the Ichimoku cloud on daily timeframes, which has shown a bullish crossover. Popular trader Titan of Crypto highlighted this development, noting that Bitcoin has closed a candle above the Tenkan line and is now targeting a Kijun reclaim. This TK crossover is a classic signal traders watch for, indicating a potential breakout.
BTC/USD 1-hour chart. Source: TradingView
In addition, the moving average convergence/divergence (MACD) indicator has also flashed a bullish signal. The MACD, which measures the relationship between two moving averages, is often used to identify potential buy and sell points. According to Titan of Crypto, these combined signals give Bitcoin a strong chance of “pumping again soon.”
Key Levels to Watch for a Breakout
Another prominent analyst, Rekt Capital, emphasized that Bitcoin’s next target should be reclaiming the $60,600 level by the weekly close. Achieving this would signal the end of its recent downturn and confirm its return to the post-halving “reaccumulation range.” Rekt Capital explained that surpassing this level would eliminate the downside deviation seen earlier in August, setting the stage for further gains.
BTC/USD 1-day chart with Ichimoku cloud data. Source: Titan of Crypto/X
Looking ahead, Rekt Capital pointed out that Bitcoin is currently around 125 days post-halving. Historically, Bitcoin tends to enter a “parabolic phase” approximately 160 days after the halving. If this pattern holds, Bitcoin could experience a significant breakout by late September.
As Bitcoin hovers around key technical levels, traders and analysts are closely watching for signs of the next big move. If these bullish indicators play out, Bitcoin could be on the brink of a new upward trajectory.
