As a seasoned Bitcoin investor with a decade-long journey through the crypto market, I’ve learned to navigate the ups and downs with a steady hand. The recent price action of BTC is reminiscent of a roller coaster ride, but with a more promising destination this time – $60,000!
The price of Bitcoin has remained strong above the $57,500 barrier, suggesting it could potentially reach $60,000, given its current bullish indicators.
- Bitcoin is attempting a fresh increase above the $57,200 support zone.
The price is trading above $57,500 and the 100 hourly Simple moving average.
There is a key contracting triangle forming with resistance at $58,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could climb higher if it clears the $58,500 and $58,650 resistance levels in the near term.
Bitcoin Price Could Extend Gains
After surpassing the $57,000 barrier, the price of Bitcoin began a significant rise. Bitcoin managed to go beyond the $57,500 resistance level. In fact, it also overcame the $58,000 resistance mark.
Yet, it appears that the bears are becoming active in the vicinity of the $58,500 resistance area. A peak has been reached at $58,450, and the price is currently holding steady after a rise. There was a brief dip below the $58,000 mark, and the value even dropped beneath the 23.6% Fibonacci retracement line of the upward trend that started from the $55,550 swing low and peaked at $58,450.
Currently, Bitcoin is being traded above $57,500 and is following its 100-hour moving average. As it moves upward, potential obstacles may emerge around the $58,500 mark. Additionally, a significant contracting triangle is taking shape on the hourly chart of BTC/USD, with resistance at the same $58,500 level.
If Bitcoin breaks through the current resistance at approximately $58,650, it could potentially start a series of gains in future trading sessions. The next significant resistance might be around $59,200. If we see a closing price above this level, it could lead to further upward momentum, possibly pushing the price towards the $60,000 mark.
Another Drop In BTC?
If Bitcoin doesn’t manage to break through the $58,500 barrier, there’s a possibility it might initiate another drop. The nearest potential support lies around $57,600.
In simpler terms, the primary level of resistance (support for a falling price) currently stands at approximately $56,650, which is about 61.8% of the upward trend from the previous low at $55,550 to the high at $58,450. The next potential support area is found around $56,220. If the price continues to fall, it may head towards the more immediate support at $55,550 in the coming period.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $57,600, followed by $55,550.
Major Resistance Levels – $58,500, and $58,650.
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2024-09-13 06:04