BTC Steadies Closer To $60K But It Could Soon Surpass $62K

BTC Steadies closer to $60K but there are even higher chances for the coin to surpass the $62K level as the price went on a correction against the US dollar. The coin is holding some gains above the $58,500 and the $58,000 support levels so let’s see more in our latest bitcoin news today.

Bitcoin gained some bullish momentum above the K level and the price corrected below the K while still being in the 100 hourly simple moving average.
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There’s a key bullish trend line that is forming with the support at $58,200 on the hourly charts of the pair with more chances of climbing again and the bulls preparing to test the $62,000. There was another increase in BTC above the $55K and the $58K resistance levels while the coin cleared the $60K resistance and settled well above the 100 hourly simple moving average.

It then traded to a new all-time high level of $61,700 before starting a downside correction and there was also a break below the $61,000 support levels. The price traded to the 23.6% fib retracement level from the upwards move of $56,124 low to $61,700 high. The bulls were quite active above the $58,800 levels with another key bullish trend line forming with the support near the $58,200 on the hourly charts of the pair. BTC remained stable above the 50% fib retracement level of the swing low from $56,124 to $61,700 high. It is rising and it is trading nicely above the $59,500 with an immediate resistance being near the $61,000 level.

The next major resistance is close to the $61,700 high while it seems that the price will continue rising and it will clear the $62,000 in the near-term. If BTC fails to clear the $61,000 resistance it will correct lower so the first key support on the downside is near the $59K level.  BTC steadies closer to the $60K level with the main support being near the $58,500 and more losses will call for a test of the $58,000 support level.

If there’s a downside break below the $58,000, the price will slide towards the $56,200 level in the coming sessions and the hourly MACD is gaining momentum in the bullish zone. The hourly RSI for the pair is back above the 50 level and the major support levels include $59,000 while the major resistance ones include $61,000 and $61,700.