Bitcoin has initiated a significant upward movement, surpassing the $57,500 resistance level and now showing promising signs of potentially reaching the $60,000 mark. The cryptocurrency began to rise again after stabilizing above the $57,000 support zone, currently trading above $57,200 and maintaining its position above the 100-hourly simple moving average.
A notable development occurred when Bitcoin broke above a short-term declining channel with resistance at $56,650, observed on the hourly chart of the BTC/USD pair. This activity allowed Bitcoin to climb past the $58,000 resistance zone, peaking at approximately $58,450 before consolidating its gains. The price is now securely above the 23.6% Fib retracement level, which maps the ascent from the $55,548 swing low to the recent $58,450 high.
Currently, Bitcoin shows strength above the $57,200 mark, with the next immediate resistance anticipated near the $58,500 level. If Bitcoin can navigate past the $58,800 resistance, it could signal the start of a steady increase in the near future. Should this occur, the next key resistance level to watch would be around $59,500. Successfully surpassing $59,500 could propel Bitcoin toward testing the significant $60,000 resistance threshold.
On the other hand, if Bitcoin hits resistance and fails to break the $58,500 mark, another decline might ensue. Immediate support in such a scenario would be near the $57,500 level, with a more substantial support zone close to $57,000, which aligns with the 50% Fib retracement level from the $55,548 to $58,450 move. Further losses could drive the price down to the $56,000 support area, and potentially back to the $55,500 mark.
Technical indicators currently highlight a bullish trend. The hourly MACD (Moving Average Convergence Divergence) is gaining momentum in the positive zone, while the hourly RSI (Relative Strength Index) for BTC/USD remains above the 50 level, indicating bullish strength. Major support levels are identified at $57,000 and $56,000, whereas major resistance levels are at $58,500 and $58,800. Bitcoin’s current performance and technical outlook suggest a potential for growth, but market watchers should closely monitor the critical resistance and support levels to gauge the cryptocurrency’s next moves.
