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Home»BITCOIN NEWS»Bitcoin price rose to $57,000 as bulls target $60,000.
BITCOIN NEWS

Bitcoin price rose to $57,000 as bulls target $60,000.

By Crypto FlexsFebruary 27, 20243 Mins Read
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Bitcoin price rose to ,000 as bulls target ,000.
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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.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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