Bitcoin Price Consolidates Gains, Can BTC Extend Rally To $60K?

Bitcoin worth rallied additional towards $58,000. BTC is now consolidating features and would possibly quickly try extra features towards the $60,000 resistance.

• Bitcoin worth is consolidating features under the $57,500 resistance zone.
• The value is buying and selling above $56,000 and the 100 hourly Easy shifting common.
• There’s a rising channel forming with resistance close to $57,650 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might lengthen its present rally towards the $60,000 resistance zone.

Bitcoin Worth Faces Recent Hurdle

Bitcoin worth prolonged its rally above the $55,000 resistance zone. BTC gained bullish momentum after it broke the $55,500 and $56,000 resistance ranges. There was additionally a spike above the $57,000 resistance zone.

A brand new multi-week excessive is shaped close to $57,572 and the value is now consolidating features. There was a minor decline under the $57,000 degree, however the worth remains to be above the 23.6% Fib retracement degree of the current wave from the $50,950 swing low to the $57,572 excessive.

Bitcoin is now buying and selling above $56,000 and the 100 hourly Easy shifting common. Instant resistance is close to the $57,200 degree. The following key resistance may very well be $57,500.

Supply: BTCUSD on TradingView.com

There may be additionally a rising channel forming with resistance close to $57,650 on the hourly chart of the BTC/USD pair, above which the value might rise towards the $58,000 resistance zone. If the bulls stay in motion, the value might even surpass $58,000 and take a look at $58,800. The primary hurdle for them is seen close to the $60,000 zone.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $57,500 resistance zone, it might begin a draw back correction. Instant assist on the draw back is close to the $56,800 degree.

The primary main assist is $56,000. If there’s a shut under $56,000, the value might begin a good pullback towards the 50% Fib retracement degree of the current wave from the $50,950 swing low to the $57,572 excessive at $54,250. Any extra losses would possibly ship the value towards the $53,200 assist zone.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

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

Main Help Ranges – $56,800, adopted by $56,000.

Main Resistance Ranges – $57,500, $57,650, and $58,000.

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