Bitcoin Attempts Recovery, Why BTC Could Revisit $60K

Bitcoin started a fresh increase above $57,000 against the US Dollar. BTC could extend recovery and it might revisit the $60,000 resistance in the near term.

Bitcoin started a fresh increase above the $57,000 and $57,500 levels.
The price is now trading above $57,000 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $54,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the $60,000 resistance to continue higher in the near term.

Bitcoin Price is Back above 100 SMA
Bitcoin price found support near the $53,500 level and started a fresh increase. BTC broke the $55,000 resistance zone to start a decent recovery wave.
There was a break above a key bearish trend line with resistance near $54,800 on the hourly chart of the BTC/USD pair. Besides, the pair surpassed the 50% Fib retracement level of the downward move from the $59,376 swing high to $53,576 swing low.
It is now trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $58,000 level. It is near the 76.4% Fib retracement level of the downward move from the $59,376 swing high to $53,576 swing low.
The next key resistance is near the $58,500 level. A close above the $58,000 and $58,500 levels may possibly push the price towards $60,000. If there is a close above the $60,000 level, the price could accelerate higher.

Source: BTCUSD on TradingView.com
The next major resistance sits near the $61,200 level. Any more gains could lead the price towards the $62,000 level in the near term.
Fresh Decline In BTC?
If bitcoin fails to clear the $58,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $57,200 level.
The first major support is now forming near the $56,500 level. The next major support is near the $56,000 level and the 100 hourly SMA, below which the price could resume its decline towards the $55,000 support. Any more losses may possibly push the price towards $53,500.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought zone.
Major Support Levels – $57,000, followed by $56,500.
Major Resistance Levels – $58,000, $58,500 and $60,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 66,276.76
ethereum
Ethereum (ETH) $ 3,538.19
tether
Tether (USDT) $ 0.999631
bnb
BNB (BNB) $ 607.75
solana
Solana (SOL) $ 144.62
staked-ether
Lido Staked Ether (STETH) $ 3,537.16
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.478062
dogecoin
Dogecoin (DOGE) $ 0.136678
the-open-network
Toncoin (TON) $ 8.07
cardano
Cardano (ADA) $ 0.414502
shiba-inu
Shiba Inu (SHIB) $ 0.000021
avalanche-2
Avalanche (AVAX) $ 30.52
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,422.80
tron
TRON (TRX) $ 0.115981
chainlink
Chainlink (LINK) $ 15.00
polkadot
Polkadot (DOT) $ 6.23
bitcoin-cash
Bitcoin Cash (BCH) $ 426.65
uniswap
Uniswap (UNI) $ 10.86
near
NEAR Protocol (NEAR) $ 5.63
litecoin
Litecoin (LTC) $ 78.49
matic-network
Polygon (MATIC) $ 0.603370
wrapped-eeth
Wrapped eETH (WEETH) $ 3,677.18
leo-token
LEO Token (LEO) $ 5.72
dai
Dai (DAI) $ 0.999481
pepe
Pepe (PEPE) $ 0.000012
internet-computer
Internet Computer (ICP) $ 9.33
kaspa
Kaspa (KAS) $ 0.161387
ethereum-classic
Ethereum Classic (ETC) $ 25.41
fetch-ai
Fetch.ai (FET) $ 1.49
ethena-usde
Ethena USDe (USDE) $ 1.00
aptos
Aptos (APT) $ 7.85
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,524.19
monero
Monero (XMR) $ 170.28
render-token
Render (RNDR) $ 8.04
hedera-hashgraph
Hedera (HBAR) $ 0.086188
filecoin
Filecoin (FIL) $ 5.20
mantle
Mantle (MNT) $ 0.892851
stellar
Stellar (XLM) $ 0.097375
cosmos
Cosmos Hub (ATOM) $ 7.19
blockstack
Stacks (STX) $ 1.89
okb
OKB (OKB) $ 45.50
crypto-com-chain
Cronos (CRO) $ 0.101740
arbitrum
Arbitrum (ARB) $ 0.930281
immutable-x
Immutable (IMX) $ 1.75
first-digital-usd
First Digital USD (FDUSD) $ 0.997911
injective-protocol
Injective (INJ) $ 26.00
dogwifcoin
dogwifhat (WIF) $ 2.42
sui
Sui (SUI) $ 0.956759
the-graph
The Graph (GRT) $ 0.239662