Bitcoin Tests Resilience, Teetering Above $55,000 as it Targets $60,000 Milestone

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The value of the ambitious and often unpredictable Bitcoin continues its dance of consolidation, hovering just above the $55,000 mark. For a growth wave to be initiated, experts are suggesting that the cryptocurrency must establish its footing firmly above the $58,500 mark, subsequently breaking the resistant $60,000 barrier as an ultimate goal.

In a series of tumbles and recovering rises, Bitcoin has once again tasted the bitter support zone of $54,500, without managing to elevate itself consistently beyond the $58,500 resistance, falling short of the 100 hourly Simple moving average at this point. Data feed from Kraken further emphasizes a looming bearish trend line born of fluctuations, indicating a potential uphill battle when faced with the unforgiving resistance zone of $58,500.

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With resilience unyielding, Bitcoin nudged its way above the $56,500 mark, even managing to tiptoe above $57,500. This celebratory rise, however, was dealt a swift reality check as progress beyond the $58,200 zone fizzled out. A high of $58,129 was recorded before the inevitable trough in this particular wave, leading to a decline. The drop saw the valiant Bitcoin plummet below $57,000 and even further to below the $55,500 mark, resulting in a low of approximately $54,954. Presently, it appears that Bitcoin is gathering its strength, lightly bouncing above the 50% Fib retracement level patterned on the downward spiral from the $58,129 peak to the $54,954 trough.

Although Bitcoin continues to spar with the $57,500 mark and the 100 hourly Simple moving average, the first hurdle on the uphill path lies at around $57,250, which is also the 76.4% Fib retracement level based on the previous downfall. The resistance at $57,650 presents significant headwinds, a figure further emphasized by the bearish trend, and should the value manage to break free from this trend line, we could see a nudge towards the $58,200 level. Any decisive close above the anticipated resistance of $58,500 could set the scene for a steady climb, potentially sending the price to challenge the elusive $60,000 mark.

However, speculation of a Bitcoin retreat is also on the cards should we see a failure to overcome the $57,650 resistance. Instant support for such a scenario hovers around the $56,000 mark, major solidarity is expected at $55,500 with additional safety net support at $54,500. Any further losses driven by a more drastic decline could see Bitcoin tumbling towards the $5,200 support.

On the technical side, the moving average convergence divergence (MACD) is losing momentum in the bearish zone. But the relative strength index (RSI) for BTC/USD now sits just above the 50 mark. The major support levels fluctuate at $55,500 and $54,500 while the predicted major resistance levels are solid at $57,650 and $58,500.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.