Why Bitcoin Price Is Gearing For Another Lift-Off To New ATH


Bitcoin value is displaying optimistic indicators above $58,500 and $59,500 towards the US Dollar. BTC is more likely to speed up increased above $61,000 and $62,000 within the close to time period.

  • Bitcoin gained bullish momentum above the $58,500 and $59,200 resistance ranges.
  • The value is now buying and selling above the $60,000 help and the 100 easy shifting common (4-hours).
  • There is a short-term bullish continuation sample forming with resistance close to $60,300 on the 4-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair might begin a recent rally if it clears the $60,500 and $60,800 ranges within the close to time period.

Bitcoin Price is Eyeing More Gains

This previous week, bitcoin value noticed a decent increase above the $57,500 resistance towards the US Dollar. The BTC/USD pair broke the $58,500 resistance and it settled above the 100 easy shifting common (4-hours).

The pair even climbed above the $59,200 stage and the important thing $60,000 resistance. However, the bulls struggled to guide the value to a brand new all-time excessive above $61,250. A excessive was fashioned close to $61,242 and the value is now consolidating positive aspects.

There was a spike under the 23.6% Fib retracement stage of the upward transfer from the $55,545 swing low to $61,242 excessive. The value is now consolidating above the $60,000 stage.

Source: BTCUSD on TradingView.com

There can be a short-term bullish continuation sample forming with resistance close to $60,300 on the 4-hours chart of the BTC/USD pair. If there may be an upside break above the $60,500 stage, there are possibilities of a powerful improve within the coming periods.

The subsequent key resistance is close to the $61,250 stage. A profitable push above the $61,250 stage might open the doorways for a gentle improve above $62,000 and to a brand new all-time excessive within the close to time period.

Downside Break in BTC?

If bitcoin fails above the $60,500 help, there’s a threat of a draw back break. The first main help is close to the $59,300 and $59,200 ranges.

The subsequent main help is close to the $58,500 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $55,545 swing low to $61,242 excessive. Any extra losses would possibly name for a take a look at of the $57,500 stage and the 100 easy shifting common (4-hours).

Technical indicators

Four hours MACD – The MACD for BTC/USD is shedding momentum within the bullish zone.

Four hours RSI (Relative Strength Index) – The RSI for BTC/USD is now nicely above the 50 stage.

Major Support Level – $58,500

Major Resistance Level – $61,250



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