Read full article at newsbtc.

Bitcoin remained strong above the $54,000 level against the US Dollar. BTC started a fresh increase and it could rally above $58,500 and $59,500.

  • Bitcoin started a fresh increase and it broke the $58,000 level.
  • The price is now trading above $57,500 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $56,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate higher towards the $60,000 level in the near term.

Bitcoin Price Gains Pace

Bitcoin price found support near the $54,000 level and started a fresh increase. BTC broke the key $57,000 resistance zone to enter again into a positive zone.

There was a break above a key bearish trend line with resistance near $56,500 on the hourly chart of the BTC/USD pair. The pair accelerated higher above the $57,500 level and the 100 hourly simple moving average.

Bitcoin surpassed the 76.4% Fib retracement level of the key drop from the $57,835 swing high to $54,020 low. It opened the doors for a fresh high above the $58,000 level. The price is now accelerating higher above the $58,000 level.

On the upside, an initial resistance is near the $58,750 level. It is near the 1.236 Fib extension level of the key drop from the $57,835 swing high to $54,020 low. The first key resistance is near the $59,000 level. A clear break above the $59,000 resistance could open the doors for more upsides.

Source: BTCUSD on TradingView.com

The next major resistance sits near the $60,000 level. An intermediate hurdle for the bulls may possibly be near the $59,500 level.

Dips Supported In BTC?

If bitcoin fails to clear the $59,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $58,000 level.

The first major support is now forming near the $57,800 level (the recent breakout zone). A downside break below the $57,800 level could set the pace for a downside correction. The next major support is now near the $56,500 level and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $57,800, followed by $56,500.

Major Resistance Levels – $58,750, $59,000 and $60,000.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

ClassicAutomobile.org - Classic Automobile News.