Bitcoin Metrics hits bullish signs with $60.6K BTC price level.
Bitcoin (BTC) sought to recapture $60,000 at the weekly close of August 18, seeing the strength of BTC's price action “after hours”.
Ichimoku crossover leads BTC price signals.
Data from Cointelegraph Markets Pro and TradingView showed domestic highs of $60,271 on Bitstamp for the day.
Despite the absence of traditional market traders, BTC/USD has gradually moved higher over the weekend, with price indicators hinting that it will continue to rise in the future.
Analyzing the Ichimoku cloud on daily time frames, the legendary trader titan of crypto identified a key bullish node, which set Bitcoin up for a run higher.
“BTC just closed the candle above the Tenkan and is now seeing a retracement of the Kiju,” he wrote in part in an opinion piece on X.
The titan of crypto has cited the classic TK crossover that traders are looking for as a sign of an imminent reversal of the event on the Ichimoku chart.
The post also looks at the bullish cross for the moving average convergence/divergence (MACD) indicator, which measures the interaction between two moving averages to determine buy and sell points.
“$BTC has a very high chance of re-spending soon,” concluded another trader, Alan Tardigrade, in his own post on the topic.
Bitcoin's “parabolic” phase is still in play.
Next, renowned trader and analyst Rect Capital reiterated that $60,600 is now a comfortable level for bulls to suppress at the weekly close.
Related: 45% of Bitcoin Supply Has Not Moved in 6 Months – Research
In doing so, the price will recapture the “rebound zone” that was previously lost to trips to six-month lows in August.
Rect Capital with explanatory chart “Also below the regrouping zone (orange circle) indicates the end of bearish trading period.
An additional post added a countdown to periods of peak price growth using past cycles as a guide.
“Bitcoin is ~125 days after the low. Bitcoin tends to enter the parabolic phase of the cycle after 160 days of the low,” Rect Capital reiterated its theory from July.
“If history repeats itself, Bitcoin may be more than a month away from breaking. That's at the end of September.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
