• Bitcoin has bounced off immediate support around $59,000 and is moving toward $70,000.
• The least resistance path is upward based on the applied moving averages.
• Failure to break above the ascending channel’s middle boundary may increase selling pressure, perhaps push BTC under $60,000.

Bitcoin broke out during the weekend to trade a new all-time high of around 61,775. The majestic rally saw Bitcoin rise above the previous record high, slightly above $58,000. Trading above $60,000 was an incredible move, which attracted speculation that $70,000 was the next rendezvous for the bulls.

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In the meantime, Bitcoin is trading at $60,100 amid a renewed uptrend eyeing the recently formed barrier under $62,000. Price above this zone will pave the way for gains toward $70,000.

The path of least resistance is upwards at the time of writing based on the short-term technical picture. Although the applied moving averages are playing catch, the gap created by the 50 Simple Moving Average (SMA) above the 200 SMA and the 100 SMA is wide enough to show that BTV is comfortably in the hands of the bulls.

The bellwether cryptocurrency is also exchanging hands within the confines of an ascending parallel channel. The pattern’s lower edge has been keeping bear in check, ensuring that declines are controlled.

On the upside, bulls are battling the critical resistance at the channel’s middle boundary. If this resistance is pushed into the rearview, Bitcoin will have a smooth path to new all-time highs heading to $70,000.

BTC/USD 4-hour chart

It is worth mentioning that Bitcoin is facing immediate resistance at $60,100 and $61,775. If these seller congestion zones remain intact. Consolidation could take place above $60,000, but if declines come into the picture, Bitcoin will commence exploring the levels downstream.

Bitcoin key intraday levels

Spot rate: $60,183

Relative change: 1,205

Percentage change: 2%

Trend: Bullish

Volatility: Growing