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    Why Bitcoin Price Looks Set For A Strong Rally Above $60K

    Bitcoin price extended its upward move above the $59,000 zone against the US Dollar. BTC is showing positive signs and it is likely to accelerate further higher in the near term.
    Bitcoin is rising steadily and it is likely to break the $60,000 resistance zone.
    The price is now well above the $57,000 support and the 100 hourly simple moving average.
    There was a break above a couple of bullish patterns near $57,600 and $58,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could dip in the short-term, but the bulls are likely to remain active above $57,500.
    Bitcoin Price Signaling Upside Acceleration
    After settling above the $57,000 resistance zone, bitcoin extended its rise. BTC broke the $58,000 and $58,500 resistance levels to move further into a bullish zone.
    During the increase, there was a break above a couple of bullish patterns near $57,600 and $58,600 on the hourly chart of the BTC/USD pair. The pair even broke the $59,000 resistance and it settled nicely above the 100 hourly simple moving average.
    A high is formed near $59,399 and the price is currently consolidating gains. It corrected below the 23.6% Fib retracement level of the upward move from the $57,079 swing low to $59,399 high.

    Source: BTCUSD on TradingView.com
    On the downside, the $58,500 level is likely to act as a decent support. The 50% Fib retracement level of the upward move from the $57,079 swing low to $59,399 high is also near $58,250. On the upside, the $59,250 zone is a short-term hurdle.
    The first major resistance is near the $59,500 level. A clear break above the $59,500 level could increase the chances of an acceleration above the $60,000 zone in the coming sessions.
    Dips Supported in BTC?
    If bitcoin fails to climb above $59,250 and $59,500, there could be a downside correction. As stated, the $58,500 level is a decent support zone.
    The next major support is near the $58,000 level. Any more losses might call for a drop towards the $57,000 support zone and a major bullish trend line on the same chart in the near term.
    Technical indicators:
    Hourly MACD – The MACD is now gaining momentum in the bullish zone.
    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is nicely above the 50 level.
    Major Support Levels – $58,500, followed by $58,000.
    Major Resistance Levels – $59,250, $59,500 and $60,000.

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