Bitcoin records sixth straight monthly green candle: What’s BTC’s price outlook?

The bullish touch has seen Bitcoin’s price break above $61,000, as well as verification of another monthly eco-friendly candle light can see it set another record over what is anticipated to be a favorable April.

The last time Bitcoin saw six-monthly eco-friendly candle lights in a row remained in 2013

Bitcoin (BTC) price shut March in the green to tape the 6th successive eco-friendly candle light on the regular monthly log. It is the very first time the top cryptocurrency has attained this given that a comparable run in 2012– 2013.

Right now, BTC/USD is trading near $59,000, with bulls focused on retaking control towards $60k after numerous near misses over the past few days.

BTC cost regular monthly overview

The last time BTC price recorded 6 favorable month-to-month candles in a row remained in April 2013. At the time, BTC/USD had actually risen to a then all-time high of $260, having traded at lows of $10 in November 2012.

The upside was, however, complied with by a 40% decrease over two months, with BTC decreasing to around $90. A steady climb was complied with by an explosive October and November that saw prices rise over 500% to go across $1000 for the first time.

BTC/USD monthly graph

Bitcoin cost saw a similar pattern in the months leading up to the 2017 advancing market, though this time the top crypto had seen five bullish regular monthly candle lights in a row. Another decrease followed the five-month bull run, prior to the following 3 candle lights included the rally that took BTC/USD to highs of $20,000.

One more bullish flip in 2019 saw five consecutive monthly environment-friendly candle lights take Bitcoin from lows of $3,300 to highs of $14,000. However like in the previous circumstances, this as well was followed by a consistent cost crash that struck a bottom in March 2020 when BTC sank to lows of $3,800.

The present booming market may be various offered the institutional rate of interest and enormous vendor fostering led by the likes of PayPal. Hence, BTC/USD might damage higher and also get to projection degrees of $80,000 or more prior to backtracking.

Nonetheless, Bitcoin looks a little overstretched adhering to the 2021 explosive run. The month-to-month RSI remains in overbought region and also is extending above 90, which, in the past, came before a considerable improvement.

In this situation, the crucial price levels to enjoy are $60k and $50k. A breakout in either direction is likely to suggest where BTC professions over the next month or more.

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