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Bitcoin Price Analysis: BTC Approaching Crucial Break

  • Bitcoin price failed to clear the $60,000 resistance and corrected lower against the US Dollar.
  • The price is now trading below the $58,500 support and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $58,650 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a strong rally if there is a clear break above the $58,650 and $58,800 resistance levels.

Bitcoin price is trading in a range above $57,000 against the US Dollar. BTC must stay above $56,600 to avoid a sharp decline in the near term.

Bitcoin Price Analysis

In the past few sessions, bitcoin price saw a steady increase above the $58,000 resistance against the US Dollar. BTC even traded above the $59,000 level, but it failed to continue higher.

A high was formed near $59,548 before the pair started a downside correction. There was a break below the $58,000 support zone and the 55 simple moving average (4-hours). The pair even traded below the $57,500 support zone, but the bulls appeared near $57,250.

A low is formed near $57,240 and the price is now consolidating losses. An initial resistance is near the $58,400 level and the 55 simple moving average (4-hours).

The 50% Fib retracement level of the downward move from the $59,548 swing high to $57,240 low is also near the $58,400 level. Moreover, it seems like there is a major contracting triangle forming with resistance near $58,650 on the 4-hours chart of the BTC/USD pair.

To start a strong increase, the price must clear the $58,400 and $58,650 resistance levels. The next major resistance sits at $59,500, above which the price could test $60,000. In the stated case, the price could even rally towards $62,000.

On the downside, the $57,500 level is a major support. The main breakdown support is near the $56,600 level, below which there could be a sharp decline towards $52,000.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly preparing for the next move and trading below the 55 simple moving average (4-hours). Overall, the price could start a strong rally if there is a clear break above the $58,650 and $58,800 resistance levels.

Technical indicators

4 hours MACD – The MACD is slowly losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is just below the 50 level.

Key Support Levels – $57,500 and $56,600.

Key Resistance Levels – $58,400, $58,650 and $60,000.

The post Bitcoin Price Analysis: BTC Approaching Crucial Break appeared first on Live Bitcoin News.

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin88,840 0.23 % 5.10 % 18.62 %
Ethereum5,483.3 0.82 % 8.00 % 17.91 %
Binance Coin671.64 0.65 % 4.33 % 14.72 %
Cardano2.920 0.20 % 3.78 % 3.68 %
Tether1.330 0.07 % 0.22 % 0.21 %
XRP1.530 0.66 % 5.60 % 4.36 %
Solana230.83 0.33 % 11.54 % 14.22 %
Polkadot59.51 0.31 % 8.45 % 27.43 %
Dogecoin0.3395 0.44 % 4.84 % 12.83 %
USD Coin1.330 0.03 % 0.20 % 0.22 %

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