Is Bitcoin Bull Run on the Horizon as BTC Retraces to $60K

• Bitcoin price recorded a 3.65% increase in the last 24 hours as per CMC data. 
• The cryptocurrency’s daily trading volume increased by 8.20%.

The crypto community rejoiced at a full-fledged price recovery in the last 24 hours. After a prolonged price slump over the past few weeks, leading cryptocurrencies retraced to their previous trading levels. Bitcoin returned to the spotlight as prices reached $60K in the Asian early morning hours of September 14. 

Meanwhile, the altcoin sector, despite the upward movements, is yet to break key resistance levels. Ethereum, at the time of writing, is attempting to break resistance at the $2.5K while Solana is closing in on $140. Apart from this, the memecoin sector has shown significant positive price movements. 

On inferring Bitcoin’s daily price chart, the cryptocurrency began its upward price movement towards the Asian evening hours of September 13. Notably, prices rose from an intra-day low of $57,650. Following this, BTC climbed all the way to a 15-day high of $60,615. At the time of writing, the $60,154 after a 3.65% increase according to CMC data. 

Additionally, the digital asset’s daily trading volume showed a modest increase of 5.17%. Moreover, as per Sosovalue reports, US spot BTC ETFs witnessed significant inflows – $263.07 million on September 13. 

Will Bitcoin Witness a Price Breakout Amid Buy Signals? 

According to TradingView data, Bitcoin’s current short-term 9-day MA stands below the long-term 21-day MA. This is a result of BTC’s prolonged price slump at $56K and $58K levels. However, the past day’s upward trend is reflected in the cryptocurrency’s RSI standing at 54.88 indicating neutral market sentiments and buy signals. 

Meanwhile, when using the Moving Average Convergence and Divergence (MACD) technical indicator, the short-term signal line stands above the long-term MACD line. This suggests the token’s bullish turn over the past day. 

Finally, market analysts have predicted that BTC might witness a price breakout after this recent recovery. Ali, prominently known as “@ali_charts” has stated that Bitcoin might face resistance at $64,300, in case of a persistent upward momentum. 

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