.What’s Next For Bitcoin Progressing To $ 60,000? – Bitcoin price rose above the $ 58,000 resistance against the US dollar. BTC is currently correcting its gains. But it will likely continue to bid around $ 56,750 and $ 56,500.
Bitcoin climbed above the $ 57,500 and $ 58,000 resistance levels before correcting lower.
The price is currently well above the $ 55,000 support and the 100 hourly simple moving average.
The hourly chart of the BTC / USD pair features a key bullish flag pattern with resistance near $ 57,700.
The pair is likely to find strong buying interest near the $ 56,500 support zone in the near term.
The Further Rise of Bitcoin Price
After surpassing the $ 57,000 resistance, Bitcoin extended its rise. BTC broke the $ 58,000 resistance level and settled nicely above the 100 hourly simple moving average.
It even traded to the $ 58,500 level and rose to a new high from $ 58,615 weekly. It is now correcting and is trading below the $ 58,000 level. Also, there was a break below the 23.6% Fib retracement level of the bullish wave from the low of $ 54,950 to $ 58,615.
There appears to be a significant bullish flag pattern formed with resistance near $ 57,700 on the hourly chart of the BTC / USD pair. Channel support is close to the $ 56,800 level.
On the upside, a clear break above the flag resistance near $ 57,700 could open the doors for a new increase.
The next key resistance is near the $ 58,500 level. A convincing break above the $ 58,500 resistance will likely set the pace of a move towards the $ 60,000 level.
Downward Movement in BTC?
If Bitcoin fails to move above $ 57,700 and $ 58,000, there could be a downside correction. As mentioned, the $ 56,500 level is a good support zone.
The next major support is near the $ 56,000 level. Further losses could require a drop towards the $ 55,000 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is approaching the 50 level.
Major Support Levels – $ 56,500 followed by $ 56,000.
Major Resistance Levels – $ 57,700, $ 58,500 and $ 60,000.
