Bitcoin price is gaining momentum and it broke the $60,000 resistance against the US Dollar. BTC is showing positive signs and it could continue to rise towards $65,000.
- Bitcoin rallied above the $60,000 level and traded to a new all-time high near $61,800.
- The price is now trading nicely above $60,000 and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $58,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower, but dips are likely to be limited below $58,000 in the near term.
Bitcoin Price is Surging
This past week, bitcoin price started a steady increase above the $55,000 resistance against the US Dollar. The BTC/USD pair even broke the $58,000 level and settled above the 100 simple moving average (4-hours).
The upward move gained pace above the 76.4% Fib retracement level of the key downward move from the $58,281 swing high to $40,073 low. There was a strong increase above the $58,500 and $60,000 resistance levels.Source:The price is currently correcting lower below the $61,000 level. On the downside, an initial support is near the $60,000 level. There is also a key bullish trend line forming with support near $58,500 on the 4-hours chart of the BTC/USD pair. Any more losses could open the doors for a move towards the $58,000 and $57,200 support levels.
Limited Downsides in BTC?
On the upside, the $61,500 and $61,800 resistance levels are initial hurdles for the bulls. A clear break above $61,800 could open the doors for a move towards the $62,500 level.The next major resistance is near the $65,000 level. Any more gain could push the price towards the $68,000 and $68,500 resistance levels in the near term.
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