The Bitcoin price has risen by more than 10% and is heading towards $58,000. BTC signals a strong uptrend and could move towards the $60,000 resistance.
- Bitcoin price is rapidly gaining above the USD 55,000 resistance zone.
- The price is trading above $55,000 and the 100 hourly Simple Moving Average.
- There was a break above a major bearish trendline with resistance at $51,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its current rally towards the $60,000 resistance zone.
Bitcoin Price Begins New Rise
Bitcoin price remained well above the $50,500 support zone. A support base was formed above the $51,500 level and the price started a new rally. BTC gained bullish momentum after breaking the USD 51,600 and USD 52,000 resistance levels.
There was a break above a major bearish trendline with resistance at $51,600 on the hourly chart of the BTC/USD pair. The pair rose over 10% and broke many barriers around the $55,000 level. A new multi-week high is formed near $57,109 and the price is now retreating.
Bitcoin is still trading above $55,000 and the 100 hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent rally from the $50,950 swing low to the $57,109 high.
Source: BTCUSD on TradingView.com
The immediate resistance is near the $56,800 level. The next major resistance could be at USD 57,000, above which the price could rise towards the USD 58,000 resistance zone. If the bulls remain in action, the price could even cross USD 58,000 and challenge USD 58,800. The main hurdle for them is visible near the $60,000 zone.
Are dips limited in BTC?
If Bitcoin fails to rise above the $57,000 resistance zone, a downward correction could occur. The immediate downside support is near the USD 56,000 level.
The first major support is at $55,600. If there is a close below $55,600, the price could stage a significant pullback towards the 50% Fib retracement level of the recent rally, from the $50,950 swing low to the $57,109 high. Any further losses could send the price towards the $53,200 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 56,000, followed by USD 55,600.
Major resistance levels – $57,000, $58,000 and $60,000.
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