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Bitcoin Starts Fresh Rally To $60K, What Could Fuel More Upsides

Bitcoin remained robust above the $54,000 stage in opposition to the US Dollar. BTC began a recent enhance and it might rally above $58,500 and $59,500.

  • Bitcoin began a recent enhance and it broke the $58,000 stage.
  • The worth is now buying and selling above $57,500 and the 100 hourly easy transferring common.
  • There was a break above a key bearish development line with resistance close to $56,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might speed up larger in the direction of the $60,000 stage within the close to time period.

Bitcoin Price Gains Pace

Bitcoin worth discovered help close to the $54,000 stage and began a recent enhance. BTC broke the important thing $57,000 resistance zone to enter once more right into a optimistic zone.

There was a break above a key bearish development line with resistance close to $56,500 on the hourly chart of the BTC/USD pair. The pair accelerated larger above the $57,500 stage and the 100 hourly easy transferring common.

Bitcoin surpassed the 76.4% Fib retracement stage of the important thing drop from the $57,835 swing excessive to $54,020 low. It opened the doorways for a recent excessive above the $58,000 stage. The worth is now accelerating larger above the $58,000 stage.

On the upside, an preliminary resistance is close to the $58,750 stage. It is close to the 1.236 Fib extension stage of the important thing drop from the $57,835 swing excessive to $54,020 low. The first key resistance is close to the $59,000 stage. A transparent break above the $59,000 resistance might open the doorways for extra upsides.

Bitcoin Price

Source: BTCUSD on TradingView.com

The subsequent main resistance sits close to the $60,000 stage. An intermediate hurdle for the bulls might presumably be close to the $59,500 stage.

Dips Supported In BTC?

If bitcoin fails to clear the $59,000 resistance zone, it might begin a draw back correction. An speedy help on the draw back is close to the $58,000 stage.

The first main help is now forming close to the $57,800 stage (the latest breakout zone). A draw back break under the $57,800 stage might set the tempo for a draw back correction. The subsequent main help is now close to the $56,500 stage and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

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

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

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

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