Bitcoin experienced a sharp increase in value against the US Dollar, rising to $57,000. BTC might extend recovery. It could revisit the $60,000 resistance in near future.
- Bitcoin experienced a significant increase in value above its $57,000-$57,500 levels.
- The current price trades above $57,000, and the simple moving average is 100 hours.
- On the hourly chart for the BTC/USD pair, there was a break above a crucial bearish trend line. Resistance is near $54,800. (Data feed from Kraken).
- To continue rising in the short term, the pair needs to clear $60,000 resistance.
Bitcoin Prices are Back Above 100 SMA
Bitcoin prices found support at the $53,500 mark and began a new uptrend. BTC has broken the $55,000 resistance area to initiate a significant recovery wave.
On the hourly chart for the BTC/USD pair, there was a break above the bearish trend line. Resistance near $54,800 was seen. The pair also exceeded the 50% Fib level for the downmove from the swing high of $59,376 to the swing low at $53,576.
The 100-hourly simple moving average and $57,000 are now the highest levels of trading. It is currently trading near $58,000, which represents a resistance to the upside. The 76.4% Fib Retracement Level of the Downward Move from the $53,576 swing high to the swing low is close by.
Near the $58,500 mark is the next resistance. The price could rise to $60,000. If the close is above $58,000 or $58,500, it may push up. The price may accelerate if it reaches the $60,000 mark.
Source: BTCUSD from TradingView.com
Next is $61,200. The price could rise to $62,000 if there are more gains.
BTC – A New Decline
It could lead to a further decline if bitcoin does not clear the $58,000 resistance area. Support for the downside lies near $57,000.
Now, the price is near $56,500. Next major support will be at the $56,000 level. The 100-hourly SMA is also nearby. If the SMA falls below that, then the price can resume its fall towards $55,000. Price could fall to $53,500 with any further losses.
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought zone.
Major Support Levels – $57,000, followed by $56,500.
Major Resistance Levels – $58,000, $58,500 and $60,000.