BTC Tracks Gold's Relief Rally, Targets $4800-$5200

Bitcoin's price action is mirroring that of gold, according to crypto analyst @CryptoMichNL. The expert predicts that BTC will follow a relief rally similar to the one in 2011, with targets set at $4800-5200 before any potential stall.

The current price of BTC is $64,417.05, and it's within the Bollinger Bands. The upper resistance level is at $65,159.61, while the EMA50 is at $64,001.47 and the EMA200 is at $63,649.83. These levels act as support in the bullish structure.

The MACD has made a golden cross at 288.25, indicating momentum, but the RSI remains neutral at 55.33, suggesting that BTC will continue moving toward band resistance before potentially pulling back to test the confluence of the 50-EMA.