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Bitcoin Surge To $60K On The Horizon, As Bears Show Weak Hands

Bitcoin prolonged its rally above the $55,000 resistance in opposition to the US Dollar. BTC might appropriate decrease, however the bulls would possibly intention extra positive aspects in the direction of $60K.

  • Bitcoin climbed larger above the $52,000 and $54,000 resistance ranges.
  • The worth is now buying and selling above $53,000 and the 100 hourly easy shifting common.
  • There is a connecting bullish development line forming with help close to $53,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might proceed to rise above the $55,500 and $56,500 resistance ranges within the close to time period.

Bitcoin Price Extends Rally

Bitcoin worth began a powerful enhance above the $50,000 resistance. BTC even broke the $52,000 resistance degree and settled above the 100 hourly easy shifting common.

The upward transfer was such that the value broke the $53,200 resistance. It even spiked above the $55,000 degree. A excessive is shaped close to $55,770 and the value is now consolidating positive aspects. An rapid help on the draw back is close to the $55,000 degree.

It is shut to the 23.6% Fib retracement degree of the upward transfer from the $50,366 swing low to $55,777 excessive. There is additionally a connecting bullish development line forming with help close to $53,000 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an preliminary resistance is close to the $55,500 degree. The first main resistance is close to the $56,200 degree, above which the value might speed up larger. The subsequent main resistance for the bulls might probably be close to the $58,000 degree. Any extra positive aspects might set the tempo for a transfer in the direction of the $60,000 degree.

Dips Limited In BTC?

If bitcoin fails to clear the $56,000 resistance zone, it might begin a contemporary draw back correction. An rapid help on the draw back is close to the $55,000 degree.

The first main help is now forming close to the $54,200 degree. The subsequent main help is close to the $53,000 degree and the development line. It is close to the 50% Fib retracement degree of the upward transfer from the $50,366 swing low to $55,777 excessive. If there is a break beneath the development line help, the value would possibly decline in the direction of the $50,000 degree and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is nonetheless shifting within the bullish zone.

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

Major Support Levels – $55,000, adopted by $53,000.

Major Resistance Levels – $55,500, $56,200 and $58,000.

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