Bitcoin futures surged +10.6% in yesterday’s trading session, propelling the contract back above the 60,000 level and clearing some important technical points in the process. The cryptocurrency future is showing muted movement in today’s session though as traders continue to assess the impact of yesterday’s climb.

Looking at the technicals, we can see that the /BTC contract pushed above a downward sloping trendline that began with the recent highs on Jun. 7 and connected the subsequent highs around early July. From there, we have cleared some important moving averages, namely the 21-day and 63-day Exponential Moving Averages, and managed to make a strong close above them. However, price has not yet been able to make a close above the recent relative highs from Jun. 7, which come in around 64,335. Price is also working its way through a volume node according to the yearly Volume Profile Study, so this is yet another reason why it will be noteworthy if /BTC were to make it above this recent threshold.

Checking in with momentum, the Relative Strength Index (RSI) is showing some improvement for the bulls. A downward sloping trendline that began with a high point on Mar. 4 looks to have been invalidated amid yesterday’s push to the upside. Additionally, RSI cleared the 50-midline, which separates bullish and bearish momentum, so this is yet another bullish tally mark on the list.

In terms of support and resistance, the current trajectory seems more geared toward the upside. The 67,000 area will be another important mark to clear, as it represents a repeated stopping point for price in recent months, as well as another notable Volume Node. To the downside, the aforementioned 21- and 63-day EMAs could provide support near 63,054 and 61,646, respectively. Beyond that, look for a possible retest of the previously mentioned downward sloping trendline, which is roughly around 58,100 at this time.

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