Bitcoin price consolidates gains, can BTC extend rally to $60,000?

Bitcoin price rose further to $58,000. BTC is currently consolidating gains and may soon attempt to break above the $60,000 resistance further.

Pic by Bloomberg

  • Bitcoin price is consolidating gains below the $57,500 resistance zone.
  • The price is trading above $56,000 and the 100 hourly simple moving average.
  • An ascending channel is forming with resistance near $57,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to extend its current gains towards the $60,000 resistance.

Bitcoin price faces new hurdles

Bitcoin price continues to rise towards the $55,000 resistance zone . BTC gained bullish momentum after breaking above the $55,500 and $56,000 resistance levels. There was also a surge above the $57,000 resistance zone.

A new multi-week high was formed near $57,572, with prices now consolidating gains . There was a slight decline below the $57,000 level, but the price remained above the 23.6% Fib retracement level of the recent swing from the $50,950 low to $57,572 high.

Bitcoin is currently trading above $56,000 and the 100 hourly simple moving average. Immediate resistance is near $57,200. The next key resistance level is likely to be $57,500.

Source: BTCUSD on TradingView.com

There is also an ascending channel forming with resistance near $57,650 on the hourly chart of the BTC/USD pair, above which the price could rise towards the $58,000 resistance zone. If the bulls continue to act, the price may even surpass $58,000 and test $58,800. Their main obstacle is visible near the $60,000 area.

Does BTC support the dip?

If Bitcoin fails to break above the $57,500 resistance zone, it may start a downside correction. Immediate support on the downside is near $56,800.

The first major support level is $56,000. If there is a close below $56,000, the price could begin a significant correction towards the 50% Fib retracement of the recent wave from the $50,950 swing low to $57,572 to the $54,250 high. Any more losses could push the price towards the $53,200 support area.

Technical indicators:

Hourly MACD – The MACD is now losing speed in the bullish zone.

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

The main support level – $56,800, followed by $56,000.

The main resistance levels – $57,500, $57,650 and $58,000.

Disclaimer: This article is for educational purposes only. It does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and investing naturally involves risks. It is recommended that you conduct your own research before making any investment decision. Use of the information provided on this website is entirely at your own risk.

Reposted from: https://ktromedia.com/80658/

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