Bitcoin price remained in a positive zone and it traded to a new all-time high above $58,000 against the US Dollar. BTC is now correcting gains, but it is likely to continue higher towards $60,000.
- Bitcoin extended its rise above $57,000 and it traded to a new all-time high at $58,350.
- The price is still well above $55,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $55,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue higher and the bulls are likely to aim a test of $60,000.
Bitcoin Price Remains In Strong Uptrend
After a strong close above the $55,000 level, bitcoin price extended its upward move. BTC broke the $56,000 and $57,000 resistance levels. It even cleared the $58,000 level and traded to a new all-time high at $58,350.
Recently, there was a minor downside correction below the $57,500 level. There was a break below the 23.6% Fib retracement level of the upward move from the $54,000 swing low to $58,350 high. The price even spiked below the $57,000 level, but dips were limited.
Source:
On the upside, the price is facing a short-term resistance near the $57,500 and $58,000 levels. A clear break above the $58,000 resistance could open the doors for a new all-time high. In the stated case, the bulls are likely to aim a test of $60,000.
