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Bitcoin is showing positive signs above the $57,000 level against the US Dollar. BTC could gain pace and it might even test the $60,000 resistance zone.

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

Bitcoin Price Remains In Uptrend

Bitcoin price corrected a few points below the $58,000 level. However, downsides were limited below $57,000 and BTC started a fresh increase.

The price traded as low as $56,888 and started a fresh increase. It surpassed the $57,500 and $58,000 resistance levels. There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair.

The pair is now trading above $58,000 and the 100 hourly simple moving average. It is now trading near the $59,000 zone. Besides, the price is testing the 1.236 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low.

On the upside, an initial resistance is near the $59,500 level. The first key resistance is near the $59,650 level. It is near the 1.618 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low.

Source: BTCUSD on TradingView.com

A clear break above the $59,650 resistance could open the doors for more upsides. The next major resistance sits near the $60,000 level, above which the price might surge towards the $62,000 level in the near term.

Dips Limited In BTC?

If bitcoin fails to clear the $59,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $58,200 level.

The first major support is now forming near the $58,000 level (the recent breakout zone). A downside break below the $58,000 level could spark a larger decline. The next major support is now near the $56,800 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 60 level.

Major Support Levels – $58,200, followed by $58,000.

Major Resistance Levels – $59,650, $60,000 and $62,000.

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

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