Bitcoin Price Analysis — $72,000 will be the first target

Bitcoin broke above the $55,000, which completed an ascending triangle pattern. This bullish setup has a target objective at $61,000. The bears attempted to stall the up-move today, but the long tail on the candlestick shows strong buying on dips.

The 20-day EMA has turned up and the RSI has climbed close to the overbought area, indicating that bulls are in control.

If the bulls can drive the price above $58,300 again, the rising channel will open. The next major target on the upside is $72,000.

Another possibility is that the price may rise above the all-time high, but the bears will try to trap the aggressive bulls and attempt to pull the price below $52,000.

In order to reverse the trend, the bears will have to sink the price below the most recent swing low at $43,000.