Bitcoin registered strong growth and now it stands at 66,085.35 level. It has increased by 10.72% from 60,109.91 Saturday's low to 66,555 today's high. Technically, the crypto was bullish, so a new upside momentum was imminent.
BTC/USD it's up by 5.82% in the last 24 hours and by 8.45% in the last 7 days. Technically, the rate has shown that the downside is limited and that the outlook remains bullish. In the short term, it has consolidated before jumping higher.
After the current rally, we cannot exclude a temporary decline. BTC/USD could come back to test and retest the immediate support levels before jumping higher.
BTC/USD looks to trade higher
As you already know from my analysis, BTC/USD was expected to climb towards new highs after escaping from the down channel and after stabilizing above 59,953.74. I've told you in my previous analysis that making a valid breakout through the immediate downtrend line and above 61,781.83 may confirm further growth.
As you can see, it has retested the weekly R1 (65,239.29) closing far above it. Now is trading in the red, but the bias remains bullish. 67,016.50 all-time high is seen as the first upside target, as an obstacle.
Bitcoin forecast
The bias is bullish, so a temporary consolidation above the 64,895.22 and above the weekly R1 (65,239.29) could bring new long opportunities. A minor accumulation could attract more bullish energy.
Making a valid breakout through 67,016.50 historical high validated further growth towards new highs.
