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Home»EXCHANGE NEWS»Can Bitcoin Price Consolidate Gains and BTC Extend Rally to $60,000?
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Can Bitcoin Price Consolidate Gains and BTC Extend Rally to $60,000?

By Crypto FlexsFebruary 28, 20243 Mins Read
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Can Bitcoin Price Consolidate Gains and BTC Extend Rally to ,000?
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Bitcoin price rose further towards $58,000. BTC is now consolidating gains and may soon attempt further gains towards $60,000 resistance.

  • Bitcoin price is consolidating gains below the $57,500 resistance zone.
  • The price is trading above $56,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a rising channel with resistance near $57,650.
  • The pair could extend the current rally towards the $60,000 resistance area.

Bitcoin Price Faces New Hurdle

Bitcoin price continued its upward trend above the $55,000 resistance zone. BTC gained bullish momentum after breaking the resistance levels of $55,500 and $56,000. A spike also occurred above the $57,000 resistance zone.

A new multi-week high was formed near $57,572 and the price is currently on an upward trend. Although there has been a slight decline below the $57,000 level, the price is still above the 23.6% Fib retracement level of the recent wave from the $50,950 low to the $57,572 high.

Bitcoin is currently trading above $56,000 and the 100-hour simple moving average. Immediate resistance is near the $57,200 level. The next major resistance could be $57,500.

Source: TradingView.com BTCUSD

Additionally, the hourly chart of the BTC/USD pair shows a rising channel with resistance forming near $57,650, beyond which the price may rise towards the $58,000 resistance area. 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 supported in BTC?

If Bitcoin fails to rise above the $57,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $56,800 level.

The first major support is $56,000. If the close is below $56,000, the price could begin a significant decline towards the 50% Fib retracement level of the recent wave, from the low of $50,950 to the high of $54,250 of $57,572. Any more losses could lead the price towards the $53,200 support area.

Technical indicators:

Hourly MACD – MACD is now losing speed in bullish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $56,800, then $56,000.

Key resistance levels – $57,500, $57,650 and $58,000.

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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