Bitcoin price is gaining momentum, breaking the $ 60,000 resistance against the US dollar. BTC is showing positive signs and could continue to climb towards $ 65,000.
- Bitcoin surged above the $ 60,000 level and traded at a new all-time high near $ 61,800.
- The price is now well over $ 60,000 and the simple moving average of 100 (4 hours).
- A major bullish trendline is forming on the 4-hour chart of the BTC / USD pair (data feed from Kraken) with support near USD 58,500.
- The pair may correct lower but the dips are likely to be below $ 58,000 in the short term.
Bitcoin price is rising
For the past week, Bitcoin price rose steadily above the USD 55,000 resistance against the US dollar. The BTC / USD pair even surpassed the USD 58,000 level and was above the simple moving average of 100 (4 hours).
The upward move gained pace above the 76.4% fib retracement level of the downward move from $ 58,281 to $ 40,073. There was a sharp rise above the $ 58,500 and $ 60,000 resistance levels.
It even surged above the $ 61,000 level and traded to a new all-time high near $ 61,800. It appears that Bitcoin price has seen strong selling interest near $ 61,800. The key’s 1,236 Fib expansion level is moving down from the $ 58,281 swing high to the $ 40,073 low.
Source: BTCUSD on TradingView.com
The price is currently correcting below the $ 61,000 level. On the downside, initial support is close to the $ 60,000 level. A major bullish trendline is also forming on the 4-hour chart of the BTC / USD pair with support near USD 58,500. Further losses could open the doors for a move towards the USD 58,000 and USD 57,200 support levels.
Limited disadvantages with BTC?
On the upside, the $ 61,500 and $ 61,800 resistance levels are initial hurdles for the bulls. A clear break above $ 61,800 could open the doors for a move towards $ 62,500.
The next major resistance is near the $ 65,000 level. Any further gain could push the price towards the $ 68,000 and $ 68,500 resistance levels in the short term.
Technical indicators
4 hours MACD – The MACD for BTC / USD is gaining traction in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 50 level.
Main tier of support – $ 60,000
Main Resistance Level – $ 58,500
