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

• Bitcoin value is gaining tempo above the $55,000 resistance zone.
• The value is buying and selling above $55,000 and the 100 hourly Simple transferring common.
• There was a break above a serious bearish pattern line with resistance at $51,600 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 Price Starts Fresh Surge

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

There was a break above a serious 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 Simple moving average. It can be above the 23.6% Fib retracement stage of the current rally from the $50,950 swing low to the $57,109 excessive.

Source: BTCUSD on TradingView.com

Immediate resistance is close to the $56,800 stage. The subsequent key resistance may very well 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 important hurdle for them is seen close to the $60,000 zone.

Are Dips Limited In BTC?

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

The first main help 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 current rally from the $50,950 swing low to the $57,109 excessive. Any extra losses may ship the worth towards the $53,200 help zone.

Technical indicators:

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

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

Major Support Levels – $56,000, adopted by $55,600.

Major Resistance Levels – $57,000, $58,000, and $60,000.

Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding choices. Use info offered on this web site fully at your individual threat.