More

    Bitcoin Price Gains Traction, Here’s How BTC Could Revisit $60K

    Bitcoin price gained pace and it cleared the $55,000 resistance zone against the US Dollar. BTC is showing positive signs and it is likely to accelerate higher above $56,500.

    Bitcoin started a decent increase it settled nicely above the $53,000 resistance.
    The price is now trading well above $54,000 and the 100 hourly simple moving average.
    There is a short-term rising channel forming with resistance near $55,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair is likely to continue higher above the $56,000 and $56,500 resistance levels.

    Bitcoin Price Remains Bullish
    Bitcoin formed a strong support base above the $53,000 level and it extended gains. BTC even broke the main $55,000 resistance zone and settled well above the 100 hourly simple moving average.
    There was also a push above the $55,500 level and the price traded as high as $55,782. It is now consolidating gains well above the $55,000 level. There seems to be a short-term rising channel forming with resistance near $55,850 on the hourly chart of the BTC/USD pair.

    Source: BTCUSD on TradingView.com
    If there is an upside break above the channel resistance, the price could continue to rise towards the $56,500 and $57,000 levels. The next major resistance is near the $58,000 level, above which the price could accelerate higher towards the $60,000 level.
    Dips Limited in BTC?
    If bitcoin fails to clear the $56,000 and $56,500 resistance levels, it could start a downside correction. An immediate support on the downside is near the $55,200 level.
    The first key support is near the $55,000 level and the channel lower trend line. The 23.6% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also near the $53,700 level.
    If there are more losses, the price could slide towards the $52,000 support and 100 hourly simple moving average. The 50% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also positioned near the $51,500 zone to provide support if there is an extended decline.
    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 well above the 50 level.
    Major Support Levels – $55,000, followed by $53,000.
    Major Resistance Levels – $56,000, $58,000 and $60,000.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 49,417.00
    ethereum
    Ethereum (ETH) $ 3,812.73
    binance-coin
    Binance Coin (BNB) $ 576.69
    dogecoin
    Dogecoin (DOGE) $ 0.485437
    xrp
    XRP (XRP) $ 1.34
    cardano
    Cardano (ADA) $ 1.88
    tether
    Tether (USDT) $ 1.00
    polkadot
    Polkadot (DOT) $ 40.35
    bitcoin-cash
    Bitcoin Cash (BCH) $ 1,252.47
    litecoin
    Litecoin (LTC) $ 311.12
    uniswap
    Uniswap (UNI) $ 37.92
    chainlink
    Chainlink (LINK) $ 43.68
    usd-coin
    USD Coin (USDC) $ 1.00
    stellar
    Stellar (XLM) $ 0.690243
    vechain
    VeChain (VET) $ 0.183631
    ethereum-classic
    Ethereum Classic (ETC) $ 87.79
    solana
    Solana (SOL) $ 40.64
    eos
    EOS (EOS) $ 10.79
    theta-token
    Theta Network (THETA) $ 10.20
    okb
    OKB (OKB) $ 34.10
    tron
    TRON (TRX) $ 0.121458
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 49,441.00
    filecoin
    Filecoin (FIL) $ 114.96
    binance-usd
    Binance USD (BUSD) $ 0.998150
    monero
    Monero (XMR) $ 402.35
    matic-network
    Polygon (MATIC) $ 1.14
    neo
    NEO (NEO) $ 97.23
    aave
    Aave (AAVE) $ 520.47
    huobi-token
    Huobi Token (HT) $ 33.22
    terra-luna
    Terra (LUNA) $ 15.51
    compound-ether
    cETH (CETH) $ 76.38
    bitcoin-sv
    Bitcoin SV (BSV) $ 313.58
    klay-token
    Klaytn (KLAY) $ 2.38
    cosmos
    Cosmos (ATOM) $ 23.74
    iota
    IOTA (MIOTA) $ 1.92
    tezos
    Tezos (XTZ) $ 6.12
    pancakeswap-token
    PancakeSwap (CAKE) $ 29.88
    safemoon
    SafeMoon (SAFEMOON) $ 0.000009
    ftx-token
    FTX Token (FTT) $ 55.26
    cdai
    cDAI (CDAI) $ 0.021486
    kusama
    Kusama (KSM) $ 519.18
    dai
    Dai (DAI) $ 1.00
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022037
    maker
    Maker (MKR) $ 4,875.52
    avalanche-2
    Avalanche (AVAX) $ 33.93
    thorchain
    THORChain (RUNE) $ 17.45
    algorand
    Algorand (ALGO) $ 1.36
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.161967
    bittorrent-2
    BitTorrent (BTT) $ 0.006055
    compound-governance-token
    Compound (COMP) $ 773.09