As a seasoned analyst with years of experience in the cryptocurrency market, I see the current Bitcoin price trend as a promising uptrend that could potentially reach $60,000. My life experience has taught me that the crypto market can be unpredictable, but the technical indicators are currently pointing towards an upward trajectory.
The price of Bitcoin has begun to climb significantly, surpassing the $57,500 barrier. At present, Bitcoin appears optimistic and could potentially reach $60,000.
- Bitcoin is attempting a fresh increase above the $57,000 support zone.
The price is trading above $57,200 and the 100 hourly Simple moving average.
There was a break above a short-term declining channel with resistance at $56,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend gains if it clears the $58,500 and $58,800 resistance levels in the near term.
Bitcoin Price Eyes More Upsides
The price of Bitcoin saw an upward trend following its successful breach of the $56,200 barrier, which had previously acted as a resistance. Subsequently, Bitcoin surpassed the $57,000 resistance level. Additionally, there was a breakthrough above a short-term downward channel with a resistance at $56,650 on the hourly BTC/USD chart.
The duo successfully breached the $58,000 barrier and reached a peak of $58,450. Currently, it’s holding steady as it consolidates its gains. It’s now sitting above the 23.6% Fibonacci retracement level during the upward trend from the $55,548 trough to the $58,450 peak.
As an analyst, I’m observing that Bitcoin is currently trading beyond the $57,200 mark and above the 100-hour Simple Moving Average. Moving forward, potential resistance might be encountered at approximately $58,500.
Initially, a significant barrier lies around the $58,800 mark. Breaking through this barrier at $58,800 may initiate a gradual upward trend in the upcoming trading periods. The potential next hurdle is set at $59,500. A closing price above the $59,500 level could potentially ignite further growth, taking the price to challenge the $60,000 resistance.
Another Dip In BTC?
As a researcher observing the Bitcoin market, if this digital currency fails to breach the resistance at $58,500, it may initiate another potential downtrend. In such a scenario, the nearest level of support would likely be around $57,500.
As a researcher, I’ve identified a significant level of support for the asset at approximately $57,000. This represents the 50% Fibonacci retracement level from the recent downward swing low at $55,548 to the high at $58,450. At present, an additional support is emerging around the $56,000 zone. Should further losses occur, it’s likely that the price could trend towards the near-term support at $55,500.
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 – $57,000, followed by $56,000.
Major Resistance Levels – $58,500, and $58,800.
Read More
Sorry. No data so far.
2024-09-12 06:04