Bitcoin price has started a promising increase above the $57,500 resistance level. BTC is currently exhibiting positive signs and might be gearing up for a move toward the $60,000 mark.
Key Highlights
- Bitcoin is attempting a fresh increase above the $57,000 support zone.
- The price is trading above $57,200 and the 100 hourly Simple Moving Average (SMA).
- There was a break above a short-term declining channel with resistance at $56,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it clears the $58,500 and $58,800 resistance levels in the near term.
Bitcoin Price Eyes More Upsides
The Bitcoin price initiated a commendable upward movement after breaking the $56,200 resistance zone. BTC managed to climb above the crucial $57,000 resistance level. Additionally, there was a break above a short-term declining channel, with resistance at $56,650, as observed on the hourly chart of the BTC/USD pair.
The pair even managed to clear the $58,000 resistance zone, trading as high as $58,450 before consolidating its gains. Currently, it is positioned above the 23.6% Fib retracement level of the upward move from the $55,548 swing low to the $58,450 high.
Bitcoin is now trading above $57,200 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the $58,500 level.
Upcoming Resistance Levels
The initial key resistance sits near the $58,800 level. A decisive move above the $58,800 resistance could initiate a steady increase in the upcoming sessions. The next significant resistance could be $59,500. A close above the $59,500 resistance might trigger further upsides, potentially allowing the price to test the $60,000 resistance level.
Potential Dip in BTC?
In the event that Bitcoin fails to rise above the $58,500 resistance zone, it might experience another decline. Immediate support on the downside is near the $57,500 level.
The first major support is around $57,000, which corresponds to the 50% Fib retracement level of the upward move from the $55,548 swing low to the $58,450 high. The next support level is near the $56,000 zone. Further losses could drive the price toward the $55,500 support in the near term.
Technical Indicators
- Hourly MACD: The MACD is currently gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level, indicating bullish momentum.
Support and Resistance Levels
- Major Support Levels: $57,000, followed by $56,000.
- Major Resistance Levels: $58,500 and $58,800.
