Bitcoin price extended its surge and even tested the USD 58,000 resistance against the US dollar. BTC is showing positive signs and is expected to accelerate above $ 60,000.
- Bitcoin remains in a bullish zone and even surged above the USD 58,000 resistance.
- The price is now trading well above $ 56,000 and the 100 hour simple moving average.
- Two bullish trendlines are forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 55,650 and USD 55,000.
- The pair may correct lower but the bulls should remain active above $ 55,000.
Bitcoin price is gaining momentum
After closing above the $ 55,000 resistance, Bitcoin extended its surge to above $ 56,000. BTC was well above the $ 55,000 level and the 100 hour simple moving average.
It opened the doors for a boost above the $ 57,000 and $ 57,500 resistance levels. The price even surged above the $ 58,000 resistance to hit a new monthly high of $ 58,140. It is now correcting lower and trading below the $ 58,000 level.
There was a break below the 23.6% Fib retracement level of the recent surge from the $ 54,318 swing low to the $ 58,140 high. On the flip side, two bullish trendlines are forming with support near USD 55,650 and USD 55,000 on the hourly chart of the BTC / USD pair.
Source: BTCUSD on TradingView.com
On the flip side, the price is likely to face sellers near the $ 58,000 zone. A clear close above the USD 58,000 resistance will most likely trigger a sharp rise. The next target for the bulls could be $ 60,000 in the short term. Further gains could move the price towards $ 62,000.
Dips supported in BTC?
If Bitcoin fails to offset the $ 58,000 resistance, it could correct lower. The first major support is near the $ 56,200 level. It is close to the 50% Fib retracement level of the recent surge from a swing low of $ 54,318 to a high of $ 58,140.
The main support is near the trendline and at $ 55,500. Further losses could require testing of the $ 55,000 support level. If the bulls fail to defend the USD 55,000 support zone, the price should fall towards the USD 52,000 support in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is declining towards 50.
Major Support Levels – $ 55,650, followed by $ 55,000.
Main Resistance Levels – $ 58,000, $ 58,500, and $ 60,000.
