Therefore, since the price is above the 9-day and 21-day moving averages, it indicates that a break above the channel may likely come to play.
According to the daily chart, if the Bitcoin price keeps hovering near the upper boundary of the channel, traders can expect a cross above the upper boundary of the channel.
While trading at that level, a bullish continuation could hit the potential resistance levels of $64,000, $66,000, and $68,000 as the Relative Strength Index is likely to cross into the overbought region.
Nevertheless, Bitcoin has not yet slipped below this barrier as it is still in the loop of making a bounce back.
More so, BTC/USD is likely to face more losses in the near-term as the Relative Strength Index nosedives below 65-level, indicating a reversal for the bearish movement.