Bitcoin prices shot to new all-time highs, as bulls attempt to claim another price milestone at the $60,000 psychological resistance level. However, price action on the BTCUSD failed to hold on to these levels, after a tweet by Elon Musk in which he said that the price of BTC & ETH seemed high.
This tweet appeared to take the steam off the bulls, leading to a slight correction that turned the daily candle for February 20 into a doji candle. Though the price has recovered slightly this Sunday, it is yet to attain its previous highs of Saturday.
Technical Outlook for BTCUSD
The pathway seems clear for BTCUSD to target the next target at 60,221 (127.2% Fibonacci extension). However, the Bitcoin price activity by bulls needs to breach the high of the doji candle (57563.57) to make this happen. A further upside target may lie at 63713.22 (141.1% Fibonacci extension).
On the other hand, a pullback from the current levels forms an evening star pattern, which could lead to a correction that targets 53532,53 initially, followed by 50729.16 and 48720.05, in that order.
BTCUSD Daily Chart