The price of Bitcoin rose more than 10% and reached about $58,000. BTC is indicating a strong upward trend, and it could rise towards the $60,000 resistance level. Bitcoin price appears to be gaining momentum above the $55,000 resistance area.
The price is currently trading above $55,000, and the 100 hourly simple moving average is supporting this uptrend. A major downtrend line was also broken with resistance at $51,600 on the BTC/USD chart (data feed from Kraken). The pair could extend its current rally towards the $60,000 resistance area.
On the other hand, Bitcoin price remains in good supply above the $50,500 support area. A support base was formed above the $51,500 level and the price started a new rise. BTC gained bullish momentum after breaking the $51,600 and $52,000 resistance levels.
Immediate resistance is near the $56,800 level, and the next major resistance could be at $57,000. Above this level, the price could rise towards the $58,000 resistance area. If the bulls continue, the price may cross $58,000 and test $58,800. The main hurdle for them is clearly near the $60,000 area.
Will the declines in BTC be limited? If Bitcoin fails to rise above the $57,000 resistance area, it may start a downward correction. Immediate support on the downside is near the $56,000¹² level.
**Technical analysis of Bitcoin price:**#
- **Main support**: $56,000, followed by $55,600.
- **Main resistance**: $57,000, $58,000, and $60,000.
- **Hourly MACD**: indicates bullishness.
- **Hourly RSI**: Above the 50 level.
If there is a close below $55,600, the price could see a decent pullback towards the 50% Fib retracement level of the recent rise from the swing low at $50,950 to the high at $57,109. Key levels and future developments should be monitored to make informed investment decisions.
**Disclaimer**: This article is provided for educational purposes only and does not express NewsBTC's views on investment. It is always best to do your own research before making any investment decisions. Use the information provided at your own risk¹.
