Bitcoin price gains momentum back, it might finally reach $60K!
What are the chances of it getting back to top? Will it stay there?
Bitcoin Price is still Bullish
A strong foundation has been formed by Bitcoin above the $53,000 level and it eventually extended gains. BTC even broke the $55,000 resistance zone and then it settled above the 100 hourly simple moving average.
Aside from that, there has been a push above the $55,000 level and the price has traded as high as $55,782. Now it is building up gains above the $55,000 level. It looks like there is a short-term rising channel forming with the resistance around $55,850 on the BTC/USD pair.
If there will be an upside break above the channel resistance, the price might continue to rise towards the $56,500 and $57,000 levels. The upcoming resistance is around $58,000 level, above the price that could accelerate higher towards the $60,000 level.
Are there any limitations with the BTC dip?
If by any chance bitcoin fails to break the $56,000 and $56,500 levels, it might begin a downside correction. A quick support on the downside will be around the $55,200 level.
The first key support is around the $55,000 level and it channels below the trend line. The 23.6% Fib retracement level of the surge from the $47,000 swing drop to $55,782 high nears the $53,700 level.
When there are even more losses than the usual, the price might slide to the $52,000 support and 100 hourly simple moving average. The 50% Fib retracement level of the current surge from the $47,000 swing low to $55,782 high is placed around the $51,500 zone to give support if there will be a decline.
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