New BTC Surge Prepares As The Coin Breaks Key Hurdle: Analysis

A new BTC surge prepares as the coin breaks key hurdle level above $57,000 resistance against the US dollar with the price of the coin now moving above $58K and will continue higher in the near-term so let’s read more in our latest bitcoin news today.

BTC is up over 5% and broke the key hurdle of $58K resistance level with the price being well above the $58K resistance and the 100 hourly simple moving average. There was a new break above the major bearish trend line with the resistance at $57K on the hourly charts of the pair, with more chances of moving higher towards $60K and the $60,500 in the near-term.

After forming a base above the $55K, BTC started a new increase and it broke a few hurdles near the $57K and $58K to move into a positive zone. There was another break above the bearish trend line of $57,500 on the hourly charts of the pair with it even breaking the 61.8% fib retracement level from the key decline at $61,695 high to the $53,220 low. The movement opened the doors for more gains as the price climbed above $59K with a new high forming near the $59,623 and trading near the $58K resistance of the 100 hourly simple moving average.

The initial support is closer to the $58,250 level and it is close to the 23.6% fib retracement level from the increase at $53,797 low to the $59,623 high and on the upside, the price is facing a new resistance near the $59,500 level with the next key resistance being settled at $60K. A close above these levels will open the doors for a larger increase towards $61,500 in the near-term so if it fails to continue higher it will start afresh decline with another key support on the downside nearing the $57,500.

The main support is forming near the $57,000 level and the 100 hourly simple moving average but more losses will call for a new test of $55,000 support zone in the coming sessions. The hourly MACD is now gaining bullish momentum and the hourly RSI is well above the 50 levels.