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Bitcoin value rallied additional towards $58,000. BTC is now consolidating beneficial properties and may quickly try extra beneficial properties towards the $60,000 resistance.

• Bitcoin value is consolidating beneficial properties beneath the $57,500 resistance zone.
• The value is buying and selling above $56,000 and the 100 hourly Simple transferring common.
• There is a rising channel forming with resistance close to $57,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might prolong its present rally towards the $60,000 resistance zone.

Bitcoin Price Faces Fresh Hurdle

Bitcoin value 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 fashioned close to $57,572 and the worth is now consolidating gains. There was a minor decline beneath the $57,000 degree, however the value continues 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 Simple transferring common. Immediate resistance is close to the $57,200 degree. The subsequent key resistance may very well be $57,500.

Source: BTCUSD on TradingView.com

There can be a rising channel forming with resistance close to $57,650 on the hourly chart of the BTC/USD pair, 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 major 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. Immediate help on the draw back is close to the $56,800 degree.

The first main help is $56,000. If there’s a shut beneath $56,000, the worth 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 may ship the worth towards the $53,200 help zone.

Technical indicators:

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

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

Major Support Levels – $56,800, adopted by $56,000.

Major Resistance Levels – $57,500, $57,650, and $58,000.

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize 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 solely at your individual threat.