New BTC Price Rally Could Extend To $60K Due To Intact Uptrend

A new BTC price rally could extend to the $60K level because the current uptrend movement is intact so let’s find out more in our latest Bitcoin news today.

The BTC price gained bullish momentum above $50K and traded to a new all-time high of $57,500 against the US dollar with the price being supported and eyeing a retest of the $60K. Bitcoin managed to climb above $50K and traded to a new ATH near the $57,500 level with the price trading above $55,000 and the 100 simple moving average. There’s a key bullish trend line forming with the support near $54,000 on the 4-hour charts of the pair which is showing plenty of positive signs and the bulls that eye for the $60,000 test zone.

Over the past week, the BTC price extended its rise above $50K resistance and the pair even managed to break higher, settling above the 100 simple moving average. It then traded to a new all-time high of $57,500 while starting a downside correction. There was a dip below $56,000 and $55,000 levels with the price breaking the 23.6% fib retracement level from the move of $50,634 low to $57,500 high.

There’s also another bullish trend line forming near $54K on the 4-hour charts of the pair with it recovering and trading above $55,000. The initial resistance is near the $57,000 level and the first major resistance is near the $57,500 level. breaking above these will open the doors for more upsides with the next major resistance for the bulls being set at $60K.

The new BTC price rally could extend higher but if the number one cryptocurrency struggles to clear the $57,500 resistance, there are more chances of a downside correction with the first support nearing the $54,000 trend line. The next major support is close to the $52,500 level so if there’s a break and close below this support zone, BTC could drop to $50K in the near-term.

As reported earlier, A day after the leading cryptocurrency increased more than $5000 and achieved a $1 trillion market cap, BTC reached another ATH and crossed the $57K level for the first time, launching a new crypto rally. The price of the asset reached $57,492 before settling back to $56,265 marking an 8.77% rise over the past 24 hours and before the fun and games started, BTC was about $51,600.