Bitcoin price is showing positive signs above $58,500 and $59,500 against the US Dollar. BTC is likely to accelerate higher above $61,000 and $62,000 in the near term.
- Bitcoin gained bullish momentum above the $58,500 and $59,200 resistance levels.
- The price is now trading above the $60,000 support and the 100 simple moving average (4-hours).
- There is a short-term bullish continuation pattern forming with resistance near $60,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh rally if it clears the $60,500 and $60,800 levels in the near term.
Bitcoin Price is Eyeing More Gains
This past week, bitcoin price saw a decent increase above the $57,500 resistance against the US Dollar. The BTC/USD pair broke the $58,500 resistance and it settled above the 100 simple moving average (4-hours).
The pair even climbed above the $59,200 level and the key $60,000 resistance. However, the bulls struggled to lead the price to a new all-time high above $61,250. A high was formed near $61,242 and the price is now consolidating gains.
Source:There is also a short-term bullish continuation pattern forming with resistance near $60,300 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the $60,500 level, there are chances of a strong increase in the coming sessions.