Bitcoin Price Moons To $57K As The Bulls Aim For $60K

Bitcoin worth is up over 10% and surging towards $58,000. BTC is signaling a powerful upward pattern and may surge towards the $60,000 resistance.

• Bitcoin worth is gaining tempo above the $55,000 resistance zone.
• The worth is buying and selling above $55,000 and the 100 hourly Easy transferring common.
• There was a break above a significant bearish pattern line with resistance at $51,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might lengthen its present rally towards the $60,000 resistance zone.

Bitcoin Value Begins Recent Surge

Bitcoin worth remained well-bid above the $50,500 assist zone. A assist base was shaped above the $51,500 stage and the worth began a recent rally. BTC gained bullish momentum after it broke the $51,600 and $52,000 resistance ranges.

There was a break above a significant bearish pattern line with resistance at $51,600 on the hourly chart of the BTC/USD pair. The pair surged over 10% and broke many hurdles close to the $55,000 stage. A brand new multi-week excessive is shaped close to $57,109 and the worth is now retreating.

Bitcoin continues to be buying and selling above $55,000 and the 100 hourly Easy transferring common. It’s also above the 23.6% Fib retracement stage of the latest rally from the $50,950 swing low to the $57,109 excessive.

Supply: BTCUSD on TradingView.com

Instant resistance is close to the $56,800 stage. The subsequent key resistance might be $57,000, above which the worth might rise towards the $58,000 resistance zone. If the bulls stay in motion, the worth 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 Restricted In BTC?

If Bitcoin fails to rise above the $57,000 resistance zone, it might begin a draw back correction. Instant assist on the draw back is close to the $56,000 stage.

The primary main assist is $55,600. If there’s a shut under $55,600, the worth might begin an honest pullback towards the 50% Fib retracement stage of the latest rally from the $50,950 swing low to the $57,109 excessive. Any extra losses may ship the worth towards the $53,200 assist zone.

Technical indicators:

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

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

Main Assist Ranges – $56,000, adopted by $55,600.

Main Resistance Ranges – $57,000, $58,000, and $60,000.

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