Bitcoin price finally started a new uptrend and surpassed the $57,000 resistance level. It is very likely for BTC to reach all the way up to $60,000. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin surpassed the $57,000 and $57,500 resistance levels.
- Currently, the price is above $57,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we can see BTC has surpassed the resistance level for a downtrend at $54,800.
- For a short-term breakout, Bitcoin needs to surpass the $60,000.
Bitcoin Price Action Analysis
Bitcoin found great support at $53,500 and pivoted upwards. Following that, the price surpassed the $55,000 and continued on recovery. For the 1-hour chart, we can see it has surpassed the resistance level for a downtrend at $54,800.
Furthermore, the price penetrated the 50% Fibonacci retracement level from the latest fall from $59,376 to $53,576. Currently, the price is above $57,000 and the 1-hour candles are above the SMA100. The first resistance level is at $58,000 which is near the 76.4% Fibonacci retracement level.
The next crucial level is at $58,500. In case BTC surpassed these two levels, the price could reach all the way up to $60,000. Also, if it moves beyond $60,000, the uptrend could gain strong momentum. In that case, the $61,200 and $62,000 will be the next resistance levels for Bitcoin.
On the other hand, if BTC fails to surpass the $58,000, there will be a new downtrend to follow. For that scenario, the $57,200 will be the first support level.
The next crucial support level for Bitcoin price will be at $56,500. Following that, there will be $56,000 and the SMA100. Dipping below these levels would bring the price closer to the $55,000. Further decline can bring the price down to $53,500 once again.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently above 70.
Resistance levels: Right now, the $58,000, $58,500 and $60,000 are currently the crucial support levels for BTC.
Support levels: The $57,000 and $56,500 are currently the crucial support levels for the price.
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