BTC Settles Nicely Above $55K But Bulls Could Boost It To $60K

BTC settles nicely above the $55K price range as the coin extended its rise and tested the $58,000 resistance against the US dollar. the coin was showing even more positive signs with chances to shoot higher above $60,000 so let’s take a closer look at the analysis in our latest BTC news.

Bitcoin remains in a bullish zone and climbed above the $58,000 resistance zone with the price trading well above the $56,000 and the 100 hourly simple moving average with the two bullish trend lines forming near the support of $55,650 and the $55,000 on the hourly charts of the pair that could correct lower but the bulls are keeping it active above $55,000. After the close above this resistance level, BTC Settles nicely above $56,000 and the 100 hourly simple moving average.

It opened the doors for another push above the $57,000 and the $57,500 resistance levels with the price now spiking above the $58,000 resistance and trading to a new monthly high of $58,140 and it is correcting lower below the $58,000 level. There was a new break below the 23.6% fib retracement level from the increase at $54,318 low to $58,140 high while on the downside, there are two bullish trend lines that are forming near the support zones of $55,000 on the hourly chart of the pair.

Looking at the upside, the price will face sellers near the $58,000 zone and a close above the $58,000 resistance will prepare it for a new increase. The next target for the bulls is set at $60,000 so more gains could lead it even higher. If BTC Fails to clear the $58,000 resistance, it could correct lower with the first key support nearing the $56,200 level and a close to the 50% fib retracement level from the increase of $54,318 low to the $58,140 high. The main support is closer to the $55,500 level so more losses could call for a test of the $55,000 support level so if the bulls fail to defend it, the price will dive towards the lower $52K region in the next few sessions.

The technical indicators show that the MACD is losing momentum in the bullish zone while the hourly RSI is shooting towards the 50 level.