Bitcoin Price Reclaims $60K: Is The Rally Resuming?

As a seasoned analyst with years of experience in the cryptocurrency market, I have seen Bitcoin’s price fluctuations more times than I can count. The current upward trend is particularly interesting, as it appears to be gaining momentum and showing no signs of slowing down just yet.


As a researcher, I’ve observed an acceleration in Bitcoin‘s price trajectory, surpassing the thresholds of $58,000 and $60,000. Currently, Bitcoin has seen a rise exceeding 10%, suggesting potential for further growth in the immediate future.

    Bitcoin started a decent increase above the $56,500 and $58,250 levels.
    The price is trading above $60,000 and the 100 hourly Simple moving average.
    There is a connecting bullish trend line forming with support at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair might eye more upsides above the $62,500 resistance zone.

Bitcoin Price Could Extend Gains

The cost of a single Bitcoin surged past the $55,500 barrier, marking a significant growth spurt. Furthermore, Bitcoin successfully breached the resistance at $56,500 and $58,250, positioning itself in a favorable upward trend.

The bulls managed to push the price beyond the barrier at $60,000. Currently, it’s more than 10% higher and reached a peak of $62,700. At present, the price is holding steady close to the 23.6% Fibonacci retracement point following its significant upward surge from the $54,556 low to the $62,700 high.

Currently, Bitcoin’s price is exceeding $60,000 and aligning with its 100-hour Simple Moving Average. Additionally, a rising bullish trend line is being formed, offering support at the same level of $60,000 on the hourly BTC/USD chart.

As a seasoned trader with years of experience under my belt, I have learned to always keep a keen eye on key resistance levels when analyzing market trends. Based on my observations, I believe that the price could face some significant resistance near the $62,000 level in the current market scenario. This is due to historical patterns and psychological factors that often come into play at round numbers like this one.

Bitcoin Price Reclaims $60K: Is The Rally Resuming?

Overcoming the next significant challenge lies at around $65,000. Breaking through this resistance level could trigger a series of optimistic actions, potentially causing the price to escalate and encounter another resistance at $67,000.

Are Dips Limited In BTC?

If Bitcoin doesn’t manage to break through the $62,500 barrier, it might initiate a decline. The lowest point of potential fallback could be around $60,700.

The significant initial point of resistance is set at $60,000 and a trend line. Subsequently, the next level of potential support can be found around $57,750 or the 61.8% Fibonacci retracement level during the upward movement from the $54,556 minimal point to the $62,700 peak. Further drops in price could potentially push it towards the $55,000 support area over the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $60,700, followed by $60,000.

Major Resistance Levels – $62,000, and $62,500.

Read More

Sorry. No data so far.

2024-08-09 05:46