Bitcoin price started a downside correction from the $61,700 high against the US Dollar. BTC is holding gains above the $58,500 and $58,000 support levels.
- Bitcoin gained bullish momentum above $60,000 and it even traded above $61,500.
- The price corrected lower below $60,000, but it is still well above the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $58,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is climbing again and it seems like the bulls are likely to aim a test of $62,000.
Bitcoin Price Remains in a Strong Uptrend
There was a strong increase in bitcoin above the $55,000 and $58,000 resistance levels. BTC even cleared the $60,000 resistance and settled well above the 100 hourly simple moving average.It traded to a new all-time high near $61,700 before starting a downside correction. There was a break below the $61,000 support level. The price even traded below the 23.6% Fib retracement level of the upward move from the $56,124 swing low to $61,700 high.
However, the bulls were active above the $58,500 and $58,800 levels. There is also a key bullish trend line forming with support near $58,200 on the hourly chart of the BTC/USD pair.
Source:Bitcoin also remained stable above the 50% Fib retracement level of the upward move from the $56,124 swing low to $61,700 high. It is now rising and trading nicely above $59,500. An immediate resistance is near the $61,000 level.
