Bitcoin (BTC) price started a fresh rise above the $ 56,500 resistance zone against the US Dollar. BTC is currently approaching a major breakout with a major hurdle close to $ 60,000.You can follow us on our Twitter channels to be informed instantly about the last minute developments .
Bitcoin is showing positive signs above the $ 56,500 and $ 58,000 resistance levels. The price is currently trading above the 100 simple moving average (4 hours) around $ 58,000. There is a large contract triangle with resistance close to $ 60,000 on the 4-hour chart of the BTC / USD pair ( data feed from Kraken ). The pair is likely to accelerate higher after clearing the $ 60,000 resistance zone in the near term.
Bitcoin Price Turns Green
Last week, Bitcoin price surged above the $ 55,000 pivot level against the US Dollar. The BTC / USD pair formed a base above $ 55,000 and recently started a new surge. It climbed above the $ 56,500 resistance zone and settled well above the 100 simple moving average (4 hours). However, given the recent surge in Ethereum above $ 3500, the upward movement was limited.
BTC cleared the $ 58,000 resistance and even broke above the $ 59,000 level. A high was formed around $ 59,566 before the price started a downside correction. It is currently trading below the $ 59,000 level.
On the downside, there is a major support formed near the $ 58,000 zone. On the upside, initial resistance is near the $ 59,500 level. The main hurdle is near the $ 60,000 level. There is also a large triangle with resistance near $ 60,000 on the 4-hour chart of the BTC / USD pair. A successful close above the $ 59,500 and $ 60,000 resistance levels could open the doors for a strong rally in the coming sessions.
Probability of Fall
If Bitcoin fails above the $ 60,000 level, there is a risk of a downside correction. Significant support is near the $ 57,200 level. Further losses could result in a new decline towards the $ 55,500 support level.
- 4-hour MACD: The MACD for BTC / USD is gaining momentum in the bullish zone.
- 4-hour RSI (Relative Strength Index): The RSI for BTC / USD is currently well above the 50 level.
- Major Support Level: $ 58,000.
- Major Resistance Level: $ 60,000.