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Bitcoin Price Analysis: BTC Could Soon Rally Above $60K

Summary:
Bitcoin price started a fresh increase from the ,000 support zone against the US Dollar. The price is now trading above the ,000 support and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near ,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is likely to continue higher towards ,000 and ,500 in the near term. Bitcoin price is showing positive signs above ,000 against the US Dollar. BTC could accelerate higher towards the ,800 level as long as it is above ,250. Bitcoin Price Analysis In the past few days, bitcoin price saw a steady increase above the ,000 resistance against the US Dollar. BTC formed a base above the ,000 level before starting the

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  • Bitcoin price started a fresh increase from the $55,000 support zone against the US Dollar.
  • The price is now trading above the $57,000 support and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $56,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher towards $60,000 and $61,500 in the near term.

Bitcoin price is showing positive signs above $57,000 against the US Dollar. BTC could accelerate higher towards the $61,800 level as long as it is above $55,250.

Bitcoin Price Analysis

In the past few days, bitcoin price saw a steady increase above the $55,000 resistance against the US Dollar. BTC formed a base above the $54,000 level before starting the current increase.

During the rise, there was a break above the $55,500 resistance zone and the 55 simple moving average (4-hours). The pair climbed above the 50% Fib retracement level of the downward move from the $60,160 swing high to $50,350 low.

There was also a break above a major bearish trend line with resistance near $56,000 on the 4-hours chart of the BTC/USD pair. The pair is now trading above the $57,000 support and the 55 simple moving average (4-hours).

It seems to be consolidating above the 76.4% Fib retracement level of the downward move from the $60,160 swing high to $50,350 low. On the upside, the first key resistance is near the $60,000 and $60,160 levels. A clear close above the $60,000 zone could open the doors for a sharp acceleration towards the $61,500 level.

The next major resistance sits at $61,800, above which the price could test $62,500. On the downside, the $58,000 level is a major breakdown support. The next major support is near the $55,250 level and the 55 simple moving average (4-hours), below which there could be a sharp decline towards $52,000.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading nicely above the $57,000 zone and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher towards $60,000 and $61,500 in the near term.

Technical indicators

4 hours MACD – The MACD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is well above the 50 level.

Key Support Levels – $58,000 and $57,000.

Key Resistance Levels – $60,000, $61,000 and $61,800.

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