Bitcoin Price Eyes Upside Break: Is a Bullish Move Ahead?

[Bitcoin]

Bitcoin Price Eyes Upside Break: Is a Bullish Move Ahead?

Bitcoin price stayed above the $57,650 support zone. BTC is now rising and might aim for a move above the $60,000 resistance zone.

• Bitcoin started a recovery wave above the $58,500 resistance zone.


• The price is trading below $60,000 and the 100 hourly Simple moving average.


• There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).


• The pair might attempt a fresh increase if it settles above the $60,000 resistance zone.

Bitcoin Price Eyes Another Increase

Bitcoin price started a downside correction below the $60,000 level. BTC declined below the $59,500 and $58,000 levels to move into a short-term bearish zone. A low was formed at $57,690 and the price recently started a recovery wave.

There was a move above the $58,000 and $58,500 levels. The price climbed above the 50% Fib retracement level of the downward move from the $61,800 swing high to the $57,690 swing low.

Bitcoin price is now trading below $60,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $60,000 level. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $60,250 level. It is close to the 61.8% Fib retracement level of the downward move from the $61,800 swing high to the $57,690 swing low. A clear move above the $60,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $61,200.

The next major hurdle sits at $62,500. A close above the $62,500 resistance might spark more upsides. In the stated case, the price could rise and test the $64,200 resistance.

Another Decline In BTC?

If Bitcoin fails to rise above the $60,000 resistance zone, it could start another decline. Immediate support on the downside is near the $58,800 level.

The first major support is $57,650. The next support is now near the $57,000 zone. Any more losses might send the price toward the $55,500 support zone or even $55,000 in the near term.

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 now above the 50 level.

Major Support Levels - $58,500, followed by $57,650.

Major Resistance Levels - $60,000, and $60,250.

Source: Bitcoin Price Eyes Upside Break: Is a Bullish Move Ahead?