Bitcoin Price Analysis: BTC Eyes Fresh Rally To $60K
Bitcoin price is attempting an upside break above $57,500 against the US Dollar. BTC must surpass $57,500 and $58,000 to start a strong upward move.
Bitcoin Price Analysis
Bitcoin price struggled to clear the $59,500 resistance zone on a couple of occasions. As a result, there was a bearish reaction below the $58,000 support. The price even declined below the $56,000 support and 55 simple moving average (4-hours).
It found support near the $54,000 zone and it recently started a fresh increase. There was a break above the $55,800 and $56,000 resistance levels.
The bulls cleared the 50% Fib retracement level of the recent decline from the $59,675 swing high to $53,945 low. The price is now trading above $55,000, and it is testing the 55 simple moving average (4-hours).
It seems to be struggling to clear the 61.8% Fib retracement level of the recent decline from the $59,675 swing high to $53,945 low. If there is a clear break above the $57,500 resistance and a close above the 55 simple moving average (4-hours), the price could rally.
The next major hurdle is near the $59,500 level, above which the price is likely to climb higher towards the $60,000 and $62,000 levels.
On the downside, the $56,000 level is a decent support. The main breakdown support is near the $54,500 level. There is also a key bullish trend line forming with support near $54,800 on the 4-hours chart of the BTC/USD pair.
Looking at the chart, bitcoin price is clearly trading above $55,000, and it is testing the 55 simple moving average (4-hours). Overall, the price is likely to start a fresh rally if it clears the $57,500 resistance zone in the near term.
4 hours MACD – The MACD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $56,000 and $54,800.
Key Resistance Levels – $57,500, $59,500 and $60,000.
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