Bitcoin Settles Above Key Support, Why BTC Could Revisit $60K

Bitcoin

Bitcoin price started a fresh increase above the $55,000 resistance zone against the US Dollar. BTC tested $58,500 and it remains elevated for a move towards the $60,000 zone.

Bitcoin is showing positive signs and it recently tested the $58,500 resistance zone.
The price is now trading well above $55,000 and the 100 simple moving average (4-hours).
There is a key bullish trend line forming with support near $55,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could correct losses, but it is likely to start a steady increase towards the $60,000 level.

Bitcoin Price Gains Traction
This past week, bitcoin price remained stable above the $52,500 support zone against the US Dollar. The BTC/USD pair started a steady increase and it broke a couple of important hurdles near $55,000.
The price even broke the $56,500 resistance and extended its rise. There was a spike above the $58,000 level, but the price struggled near the $58,500 zone. A high is formed near $58,494 and the price is now correcting lower.
It traded below the $57,500 level. There was a break below the 23.6% Fib retracement level of the upward move from the $52,489 swing low to $58,494 high. On the downside, there is a major support forming near the $55,500 zone.
There is also a key bullish trend line forming with support near $55,400 on the 4-hours chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $52,489 swing low to $58,494 high.

Source: BTCUSD on TradingView.com
On the upside, the price is facing a major resistance near the $58,000 and $58,500 levels. A successful close above the $58,000 and $58,500 resistance levels could open the doors for a fresh increase towards the $60,000 barrier.
Dips Limited in BTC?
If bitcoin fails above the $58,000 level, there is a risk of a downside correction. The first major support is near the $55,500 level and the trend line zone.
The next major support is near the $55,000 level and the 100 SMA. Any more losses might call for a fresh drop towards the $52,500 support level.
Technical indicators
4 hours MACD – The MACD for BTC/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Level – $55,500
Major Resistance Level – $58,500

bitcoin
Bitcoin (BTC) $ 61,261.41
ethereum
Ethereum (ETH) $ 3,388.59
tether
Tether (USDT) $ 0.999078
bnb
BNB (BNB) $ 574.07
solana
Solana (SOL) $ 136.36
staked-ether
Lido Staked Ether (STETH) $ 3,387.77
usd-coin
USDC (USDC) $ 0.999652
xrp
XRP (XRP) $ 0.477775
the-open-network
Toncoin (TON) $ 7.56
dogecoin
Dogecoin (DOGE) $ 0.123517
cardano
Cardano (ADA) $ 0.386715
tron
TRON (TRX) $ 0.120036
shiba-inu
Shiba Inu (SHIB) $ 0.000017
avalanche-2
Avalanche (AVAX) $ 25.18
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 61,378.45
chainlink
Chainlink (LINK) $ 14.07
polkadot
Polkadot (DOT) $ 5.79
bitcoin-cash
Bitcoin Cash (BCH) $ 376.63
uniswap
Uniswap (UNI) $ 9.47
near
NEAR Protocol (NEAR) $ 5.60
wrapped-eeth
Wrapped eETH (WEETH) $ 3,519.23
leo-token
LEO Token (LEO) $ 5.75
matic-network
Polygon (MATIC) $ 0.569171
litecoin
Litecoin (LTC) $ 70.74
dai
Dai (DAI) $ 0.998957
pepe
Pepe (PEPE) $ 0.000012
fetch-ai
Fetch.ai (FET) $ 1.69
internet-computer
Internet Computer (ICP) $ 8.16
kaspa
Kaspa (KAS) $ 0.155792
ethena-usde
Ethena USDe (USDE) $ 0.999272
ethereum-classic
Ethereum Classic (ETC) $ 23.44
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,419.43
aptos
Aptos (APT) $ 6.95
render-token
Render (RNDR) $ 7.77
monero
Monero (XMR) $ 162.77
hedera-hashgraph
Hedera (HBAR) $ 0.078998
cosmos
Cosmos Hub (ATOM) $ 6.97
arbitrum
Arbitrum (ARB) $ 0.826222
stellar
Stellar (XLM) $ 0.090264
filecoin
Filecoin (FIL) $ 4.42
mantle
Mantle (MNT) $ 0.762121
okb
OKB (OKB) $ 41.39
crypto-com-chain
Cronos (CRO) $ 0.090675
immutable-x
Immutable (IMX) $ 1.57
blockstack
Stacks (STX) $ 1.61
injective-protocol
Injective (INJ) $ 23.09
first-digital-usd
First Digital USD (FDUSD) $ 0.999646
sui
Sui (SUI) $ 0.900922
lido-dao
Lido DAO (LDO) $ 2.43
the-graph
The Graph (GRT) $ 0.222380