Bitcoin’s Bullish Climb Faces $60,000 Resistance Hurdle


In the bustling world of cryptocurrency, Bitcoin recently found a stronghold in the $56,350 zone after a copious tug-of-war between ups and downs. However, let us not forget the lurking presence of the bears who might pounce around the much-anticipated $60,000 resistance zone.

The recent tremors in the crypto-market illustrate how Bitcoin has been stringently whittling away in an upward trajectory from the point of rest around the $56,350 value. What makes this iteration worth noting is the sub $60,000 trade-in contrast with the 100 hourly simple moving average, pointing at an exciting trend.

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Rallying towards hope for Bitcoin enthusiasts, an eminent bearish trend line was breached, marking a resistance at $57,800 on the hourly chart of Bitcoin to the US dollars trading pair – a baring testament to the nerve-wracking battlefield that is the cryptocurrency landscape.

While keeping a keen eye on the shifting scales of trading, there’s bound to be resistance in the clear at the forefront of the persistence – the $60,000 level, and moving forward, at the $60,500 mark. The latter resembling the 50% Fibonacci retracement level of the downward cascade from a towering high of $64,738 swing to a humble low pegged at $56,378.

As we travel through the whirlwinds of bitcoin trades, the road to recovery holds a few notable twists and turns. A distinctive step up into the $61,500 resistance level could thrust its value upwards propelling it potentially towards the $63,400 mark.

However, the journey of Bitcoin would be bereft of drama if it falls short of surpassing the $60,500 resistance field. While it could lob another dip in its course, we can safely predict an immediate jolt cushioning around the $58,500 mark and $57,800 subsequently. Sinking beneath the $57,800 level, we could witness Bitcoin tumble all the way down to $56,350.

According to technical indicators and trading experts, further losses might see Bitcoin tumbling towards the $55,000 support zone in the near future.

From the hourly MACD, it is evident that the bearish zone is losing momentum. The Relative Strength Index (RSI) for Bitcoin to USD trading pair now stands above a determinant 50 level. Meanwhile, major support levels expected around the corner are likely to be at $57,000 and later, $56,500. The frontiers aren’t resting easy either, with the resistance level hurdles predicted at $60,000, $60,500, and finally, a towering $61,500.