- Bitcoin price hits new 2022 highs and turns positive for the year.
- Ethereum price looks strong as it approaches $3,500.
- XRP price shakes off Monday’s end-of-session sell-off to continue higher.
Bitcoin price keeps pushing higher, denying bears their selling opportunities. Ethereum price may not stop until it hits $4,000. XRP price continues to move towards $1.
Bitcoin price may hit $60,000 before pulling back
Bitcoin price action has been in massive bullish rise over the past few weeks that bulls and bears alike expect a pullback. However, that may not occur. Bitcoin has already made new 2022 highs, and if it has a daily close that puts BTC positive for 2022, that could trigger some major institutional positioning.
Institutions often look for yearly highs and lows to be established in January and July – if an instrument is trading above the January open, positions are frequently bought, added, and supported. If an instrument is below the January open, positions are often sold and reduced. However, when a ceiling is broken, institutions often switch the position management to turn that ceiling into a new floor.
In other words, if institutional participation displays historically normal behavior and positioning, then Bitcoin price may see the $47,500-to-$48,000 price range as the new 2022 ‘low’ until July. The next price zone to test as resistance is the $50,000 value area in that scenario.
BTC/USD Daily Ichimoku Kinko Hyo Chart
However, confirmation is needed to make sure there is a change in institutional positioning. There is a strong likelihood that Bitcoin price and the broader cryptocurrency market may experience some profit taking for the remainder of the week. Bitcoin price would likely return to the breakout of the bear flag at $44,725, where the daily Tenkan-Sen ad 61.8% Fibonacci retracement currently exist.