Why Bitcoin Price Rally Could Extend To $60K, Uptrend Seems Intact

Bitcoin price gained over $ 50,000 bullishly and hit a new all-time high of $ 57,500 against the US dollar. BTC continues to be supported and will likely consider a $ 60,000 test.

  • Bitcoin climbed above the USD 50,000 resistance and hit a new all-time high near USD 57,500.
  • The price is trading well above the $ 55,000 level 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 54,000.
  • The pair are showing plenty of positive signs and the cops appear to be watching a test for $ 60,000.

The Bitcoin price is gaining momentum

Over the past week, Bitcoin price has extended its surge above the key resistance zone of USD 50,000 against the US dollar. The BTC / USD pair even surpassed the USD 55,000 level and was well above the simple moving average of 100 (4 hours).

It traded at a new all-time high near $ 57,500 and recently started a downward correction. There was a sharp drop below the $ 56,000 and $ 55,000 levels. The price broke the 23.6% fib retracement level of the move up from the low of $ 50,634 to the high of $ 57,500.

However, the bulls were active near the USD 54,000 support level. The 50% fib retracement level of the uptrend from the low of $ 50,634 to the high of $ 57,500 also acted as decent support.

A major bullish trendline is also forming on the 4-hour chart for the BTC / USD pair with support near USD 54,000. The pair is also bouncing back, trading well over $ 55,000. Initial resistance is near the $ 57,000 level. The first major resistance is near the high of $ 57,500.

A clear break above the USD 57,500 resistance should open the doors to further benefits. The next major drag for the bulls is at $ 60,000.

Dips supported in BTC?

If Bitcoin is struggling to hit the $ 57,500 resistance level, there is an opportunity for a downward correction. The first major support is near the trend line and at $ 54,000.

The next major support is near the $ 52,500 level (a multi-touch zone). If there is a significant break and is below the $ 52,500 support, the price could drop to the $ 50,000 level in the short term.

Technical indicators

4 hours MACD – The MACD for BTC / USD is showing positive signs in the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI for BTC / USD is still above the 60 level.

Main support tier – $ 52,500

Main Resistance Level – $ 60,000

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