Bitcoin price is consolidating above the $59,500 support zone against the US Dollar. BTC is now showing a few positive signs, but it must clear $61,200 for a fresh rally in the near term.
- Bitcoin is holding gains above the $60,000 and $59,500 support levels.
- The price is now trading well above the $59,500 level and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to start a sharp upward move once it clears the $60,800 and $61,200 levels.
Bitcoin Price is Showing Positive Signs
Bitcoin remained in a range above the $59,000 level and it is showing a few positive signs. Recently, BTC made another attempt to clear the $61,200 resistance, but it failed.
It corrected lower and retested the $59,500 support level. A low is formed near $59,432 and the price is now moving higher. It is also trading well above the $59,500 level and the 100 hourly simple moving average.
Source:Bitcoin is now trading above $60,400, but it is facing resistance near $60,800. It is close to the 76.4% Fib retracement level of the recent decline from the $61,212 high to $59,432 low.