Bitcoin price rose more than 10%, surging towards $58,000. BTC is showing a strong upward trend and may surge towards the $60,000 resistance.
- Bitcoin price is rising above the $55,000 resistance level.
- The price is trading above $55,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $51,600.
- The pair could extend the current rally towards the $60,000 resistance area.
Bitcoin price begins a new surge
Bitcoin price remained above the $50,500 support area. A support base was formed above the $51,500 level and the price began a new rebound. BTC gained bullish momentum after breaking the resistance levels of $51,600 and $52,000.
On the hourly chart of the BTC/USD pair, a major bearish trend line has been broken above the resistance level of $51,600. The pair surged more than 10% and broke a number of hurdles near the $55,000 level. A new multi-week high was made near $57,109 and the price is currently falling.
Bitcoin is still trading above $55,000 and the 100-hour simple moving average. It is also above the 23.6% Fib retracement level from the $50,950 swing low to $57,109 high of the recent rally.
Source: TradingView.com BTCUSD
Immediate resistance is near the $56,800 level. The next major resistance could be $57,000, above which the price could rise towards the $58,000 resistance zone. If the bulls remain active, the price may cross $58,000 and test $58,800. The biggest hurdle for them is around $60,000.
Are dips limited in BTC?
If Bitcoin fails to rise above the $57,000 resistance zone, a downward correction could begin. Immediate support for the downside is near the $56,000 level.
The first major support is $55,600. If the close is below $55,600, the price could begin a significant decline towards the 50% Fib retracement level of the recent rally from the $50,950 low to the $57,109 high. Any more losses could lead the price towards the $53,200 support area.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $56,000, then $55,600.
Key resistance levels – $57,000, $58,000 and $60,000.
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