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BTC analysis – the price continues on the way to reaching $ 59,000

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BTC has not experienced much volatility in the last 24 hours and more or less went sideway. However, the price still respects MA21. This sideway structure is similar to that of October 2-4. However, volumes have not yet increased and we are waiting for the next breakthrough. But where is the next resistance? It is possible that the price will continue to rise without correction, but BTC has already reached 37% in just 11 days. The longer we are without correction, the stronger it may occur in the future.

BTC has tested MA21 and the support indicator seems to hold. Such sideway structures created just below the level of the last maximum almost still mean continuation of the previous trend. So far, it looks like growth will continue in this case as well. The target we are currently tracking is $ 59,000. This value is the long-term maximum that arose during ATH.

BTC / USD 4H.  Source: TradingView

BTC / USD 4H. Source: TradingView

BTC has long been bullish

Volumes, meanwhile, do not indicate growth; on the contrary, they are low. If the price gets out of the sideway structure, then probably volumes will also increase. The question is whether they will grow more than October 6. Despite a 37% appreciation in just 11 days, RSI does not indicate short-term overbought. Thanks to the sideway structure, the market has returned to the neutral zone and RSI also indicates that there is room for continued growth.

A break of more than $ 55,000 marked the beginning of a confirmation of a new bullrun. The market price of $ 55,633 means that the price is still at the start of this bullrun. According to Stock-to-flow, the price should close at least at the close price of $ 63,000 in the October candle.

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