More

    Bitcoin Settles Above Key Support, Why BTC Could Revisit $60K

    Bitcoin price started a fresh increase above the $55,000 resistance zone against the US Dollar. BTC tested $58,500 and it remains elevated for a move towards the $60,000 zone.

    Bitcoin is showing positive signs and it recently tested the $58,500 resistance zone.
    The price is now trading well above $55,000 and the 100 simple moving average (4-hours).
    There is a key bullish trend line forming with support near $55,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
    The pair could correct losses, but it is likely to start a steady increase towards the $60,000 level.

    Bitcoin Price Gains Traction
    This past week, bitcoin price remained stable above the $52,500 support zone against the US Dollar. The BTC/USD pair started a steady increase and it broke a couple of important hurdles near $55,000.
    The price even broke the $56,500 resistance and extended its rise. There was a spike above the $58,000 level, but the price struggled near the $58,500 zone. A high is formed near $58,494 and the price is now correcting lower.
    It traded below the $57,500 level. There was a break below the 23.6% Fib retracement level of the upward move from the $52,489 swing low to $58,494 high. On the downside, there is a major support forming near the $55,500 zone.
    There is also a key bullish trend line forming with support near $55,400 on the 4-hours chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $52,489 swing low to $58,494 high.

    Source: BTCUSD on TradingView.com
    On the upside, the price is facing a major resistance near the $58,000 and $58,500 levels. A successful close above the $58,000 and $58,500 resistance levels could open the doors for a fresh increase towards the $60,000 barrier.
    Dips Limited in BTC?
    If bitcoin fails above the $58,000 level, there is a risk of a downside correction. The first major support is near the $55,500 level and the trend line zone.
    The next major support is near the $55,000 level and the 100 SMA. Any more losses might call for a fresh drop towards the $52,500 support level.
    Technical indicators
    4 hours MACD – The MACD for BTC/USD is losing momentum in the bullish zone.
    4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
    Major Support Level – $55,500
    Major Resistance Level – $58,500

    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) $ 49,426.00
    ethereum
    Ethereum (ETH) $ 3,819.73
    binance-coin
    Binance Coin (BNB) $ 578.19
    dogecoin
    Dogecoin (DOGE) $ 0.521809
    xrp
    XRP (XRP) $ 1.34
    cardano
    Cardano (ADA) $ 1.87
    tether
    Tether (USDT) $ 0.999829
    polkadot
    Polkadot (DOT) $ 40.27
    bitcoin-cash
    Bitcoin Cash (BCH) $ 1,252.11
    litecoin
    Litecoin (LTC) $ 312.91
    uniswap
    Uniswap (UNI) $ 38.02
    chainlink
    Chainlink (LINK) $ 43.95
    usd-coin
    USD Coin (USDC) $ 1.00
    stellar
    Stellar (XLM) $ 0.674607
    vechain
    VeChain (VET) $ 0.182617
    ethereum-classic
    Ethereum Classic (ETC) $ 88.27
    solana
    Solana (SOL) $ 40.63
    eos
    EOS (EOS) $ 10.74
    theta-token
    Theta Network (THETA) $ 10.21
    okb
    OKB (OKB) $ 33.41
    tron
    TRON (TRX) $ 0.121368
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 49,495.00
    filecoin
    Filecoin (FIL) $ 116.62
    binance-usd
    Binance USD (BUSD) $ 1.00
    monero
    Monero (XMR) $ 403.07
    matic-network
    Polygon (MATIC) $ 1.14
    neo
    NEO (NEO) $ 96.78
    aave
    Aave (AAVE) $ 523.45
    compound-ether
    cETH (CETH) $ 76.14
    huobi-token
    Huobi Token (HT) $ 33.16
    terra-luna
    Terra (LUNA) $ 15.40
    bitcoin-sv
    Bitcoin SV (BSV) $ 315.23
    klay-token
    Klaytn (KLAY) $ 2.36
    cosmos
    Cosmos (ATOM) $ 23.91
    iota
    IOTA (MIOTA) $ 1.92
    tezos
    Tezos (XTZ) $ 6.14
    safemoon
    SafeMoon (SAFEMOON) $ 0.000009
    pancakeswap-token
    PancakeSwap (CAKE) $ 29.87
    ftx-token
    FTX Token (FTT) $ 55.38
    cdai
    cDAI (CDAI) $ 0.021437
    kusama
    Kusama (KSM) $ 518.00
    dai
    Dai (DAI) $ 1.00
    compound-usd-coin
    cUSDC (CUSDC) $ 0.021996
    avalanche-2
    Avalanche (AVAX) $ 33.97
    maker
    Maker (MKR) $ 4,872.24
    thorchain
    THORChain (RUNE) $ 17.54
    algorand
    Algorand (ALGO) $ 1.35
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.159458
    bittorrent-2
    BitTorrent (BTT) $ 0.006052
    compound-governance-token
    Compound (COMP) $ 764.12