Bitcoin worth remained properly supported close to the $56,000 help zone in opposition to the US Dollar. BTC is rising and it could quickly break the important thing $60,000 resistance zone.

• Bitcoin discovered help above $56,000 and began a contemporary improve.
• The worth is now buying and selling properly above the $57,500 degree and the 100 hourly easy transferring common.
• There was a break above a key bearish development line with resistance close to $57,900 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair is prone to speed up larger above the $59,500 and $60,000 resistance ranges.

Bitcoin Price is Gaining Pace

Bitcoin corrected decrease from the $59,500 resistance zone. BTC declined under the $58,000 and $57,500 help ranges. The worth even spiked under the 100 hourly easy transferring common, nevertheless it remained secure above the $56,000 degree.

A low was fashioned close to $56,306 earlier than the value began a contemporary improve. There was a break above the $57,000 resistance ranges. The bulls cleared the 50% Fib retracement degree of the latest decline from the $59,501 excessive to $56,306 low.

There was additionally a break above a key bearish development line with resistance close to $57,900 on the hourly chart of the BTC/USD pair. The pair is now buying and selling properly above the $57,500 degree and the 100 hourly easy transferring common.

Source: BTCUSD on TradingView.com

It is consolidating above the 76.4% Fib retracement degree of the latest decline from the $59,501 excessive to $56,306 low. An fast resistance is close to the $59,500 degree. A transparent break above the $59,500 may open the doorways for a break above the $60,000 resistance. In the acknowledged case, the value may rally in direction of $62,000.

Fresh Drop in BTC?

If bitcoin fails to clear the $59,500 resistance or $60,000, it may begin a downside correction. An preliminary help on the draw back is close to the $58,000 degree and the damaged development line.

The first key help is close to the $57,500 degree and the 100 hourly SMA, under which the value may take a look at $56,500. There can also be a connecting bullish development line forming with help close to $56,500 on the identical chart.

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 properly above the 50 degree.

Major Support Levels – $58,000, adopted by $57,500.

Major Resistance Levels – $59,500, $60,000 and $62,000.