$BTC Price Dips to $56,500, But $60K Stays On Bullish Radar? - CoinPedia Analytics

Following the bull cycle of four consecutive bullish candles, accounting for a price jump of 6.85%, the Bitcoin price takes a quick reversal from the $57,500 mark. With a price fall of 1.98%, the Bitcoin price is currently trading at $56,505 and makes a bearish engulfing candle. 

In the four-hour chart, the bull cycle was successful in surpassing a local resistance trendline and reached a 38.20% Fibonacci level at $58,300. However, the recent turnaround puts Bitcoin back to 50 EMA support. The pullback phase is seen as a potential retest of the 23.60% Fibonacci level breakout at $55,646 or of the broken resistance trendline.

Based on the technical analysis, the Bitcoin price takes support over the 50 EMA in the 4-hour chart. If the uptrend continues to exceed the 38.20% level, Bitcoin is likely to reclaim the $60,000 mark. Based on the Fibonacci level, the next target for the Bitcoin breakout rally stands at $60,500 and $62,600 at the 50% and 61.80% Fibonacci levels, respectively. Further, the upcoming CPI data release and the FOMC meeting next week will play a crucial role in deciding the crypto market’s fate.