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TA: Why Bitcoin Breaking This Resistance Could Spark a Significant Surge

Bitcoin price is trading in a bullish zone above $57,600 against the US Dollar. BTC is likely to accelerate higher once it clears the $59,800 and $60,000 resistance levels.

  • Bitcoin is trading in a positive zone, but it is facing hurdles near $60,000.
  • The price is now well above the $58,000 support and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $57,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a sharp rally if it clears the $59,800 and $60,000 resistance levels.

Bitcoin Price is Showing Positive Signs

Bitcoin mostly traded in a positive zone above the $57,000 pivot level. BTC extended its upward move above the $59,500 resistance level and it settled nicely above the 100 hourly simple moving average.

However, the bulls faced a strong resistance near the $59,800 and $60,000 resistance levels. A high was formed near $59,829 before there was a downside correction. The price declined below the $59,000 and $58,000 levels.

There was also a spike below the $57,500 level, but the bulls protected the 100 hourly simple moving average. A low is formed near the $56,800 level and the price is now back above $58,000. The bulls pushed bitcoin above the 50% Fib retracement level of the downward move from the $59,829 high to $56,800 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is currently trading well above the $58,000 support and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $57,800 on the hourly chart of the BTC/USD pair.

Bitcoin seems to be consolidating just above the 76.4% Fib retracement level of the downward move from the $59,829 high to $56,800 low. The key hurdle is near the $59,800 and $60,000 levels. A successful close above the $60,000 level will most likely pump the price towards the $62,000 level in the coming sessions.

Dips Supported in BTC?

If bitcoin fails to climb above $59,800 and $60,000, there could be a downside correction. The first major support on the downside is near the $58,400 level.

The next major support is near the $58,000 level, the 100 hourly SMA, and the trend line. If there is a downside break below the trend line, the price could revisit $56,800.

Technical indicators:

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

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

Major Support Levels – $58,500, followed by $58,000.

Major Resistance Levels – $59,800, $60,000 and $60,800.

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin78,390 0.07 % 4.36 % 11.13 %
Ethereum5,332.5 0.21 % 6.89 % 3.98 %
Binance Coin606.23 0.11 % 6.59 % 9.52 %
Tether1.330 0.06 % 0.16 % 0.01 %
Cardano2.550 0.95 % 11.28 % 12.68 %
Solana250.36 0.44 % 8.41 % 7.06 %
XRP1.330 0.49 % 10.87 % 12.57 %
Polkadot54.88 0.62 % 9.15 % 7.50 %
Shiba Inu0.0001028 10.39 % 44.01 % 164.04 %
USD Coin1.330 0.13 % 0.31 % 0.40 %

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