Bitcoin Price Breaks Hurdle, Here’s Why Bulls Could Pursue $ 58K


Bitcoin price gained pace and it cleared the USD 53,000 resistance zone against the US dollar. BTC is consolidating and it looks poised for more gains in excess of $ 54,000.

  • Bitcoin remained well-bid and it was able to clear the USD 53,000 resistance.
  • The price is now trading well above USD 52,000 and the 100 simple hourly moving average.
  • A major contracting triangle is forming with a resistance near USD 54,000 on the hourly chart of the BTC / USD pair (Kraken data feed).
  • The pair is likely to remain higher than the USD 54,000 and USD 54,500 resistance levels.

Bitcoin price is gaining pace

Bitcoin remained well supported above the USD 51,000 level and managed to expand gains. BTC gained bullish momentum above the USD 52,000 resistance and the 100 simple hourly moving average.

It even cleared the USD 53,000 and USD 53,500 resistance levels. A high is forming near $ 54,455 and the price is now consolidating gains. It has already tested the USD 53,000 support level. The 23.6% Fib retracement level of the recent wave from the swing low from USD 47,010 to USD 54,455 high is acting as a support.

It looks like a major contracting triangle is forming with resistance near USD 54,000 on the hourly chart of the BTC / USD pair. The pair is now trading well above USD 52,000 and the 100 simple hourly moving average.

Bitcoin price

Source: BTCUSD on TradingView.com

If there is a clear break above the USD 54,000 resistance zone, the price is likely to accelerate higher. The next key resistance is near the USD 54,500 level, above which the doors could open in the near term to a run-up to the USD 58,000 barrier.

Dips limited in BTC?

If bitcoin fails to clear the USD 54,500 and USD 55,000 resistance levels, it could start a downside correction. An immediate support on the downside is near the USD 53,000 level.

The first major support is near the USD 51,250 level. The 50% Fib retracement level of the recent wave from the swing low of USD 47,010 to USD 54,455 high is also near the USD 50,700 level to serve as a support. Additionally, the 100 simple hourly moving average is $ 50,500 to serve as a strong support in the short term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 55 level.

Key Support Levels – USD 53,000, followed by USD 51,250.

Major Resistance Levels – USD 54,500, USD 55,000 and USD 58,000.

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