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TA: Why Bitcoin Price Looks Set For A Strong Rally Above $60K

Bitcoin price extended its upward move above the $59,000 zone against the US Dollar. BTC is showing positive signs and it is likely to accelerate further higher in the near term.

  • Bitcoin is rising steadily and it is likely to break the $60,000 resistance zone.
  • The price is now well above the $57,000 support and the 100 hourly simple moving average.
  • There was a break above a couple of bullish patterns near $57,600 and $58,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could dip in the short-term, but the bulls are likely to remain active above $57,500.

Bitcoin Price Signaling Upside Acceleration

After settling above the $57,000 resistance zone, bitcoin extended its rise. BTC broke the $58,000 and $58,500 resistance levels to move further into a bullish zone.

During the increase, there was a break above a couple of bullish patterns near $57,600 and $58,600 on the hourly chart of the BTC/USD pair. The pair even broke the $59,000 resistance and it settled nicely above the 100 hourly simple moving average.

A high is formed near $59,399 and the price is currently consolidating gains. It corrected below the 23.6% Fib retracement level of the upward move from the $57,079 swing low to $59,399 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the downside, the $58,500 level is likely to act as a decent support. The 50% Fib retracement level of the upward move from the $57,079 swing low to $59,399 high is also near $58,250. On the upside, the $59,250 zone is a short-term hurdle.

The first major resistance is near the $59,500 level. A clear break above the $59,500 level could increase the chances of an acceleration above the $60,000 zone in the coming sessions.

Dips Supported in BTC?

If bitcoin fails to climb above $59,250 and $59,500, there could be a downside correction. As stated, the $58,500 level is a decent support zone.

The next major support is near the $58,000 level. Any more losses might call for a drop towards the $57,000 support zone and a major bullish trend line on the same chart in the near term.

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 nicely above the 50 level.

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

Major Resistance Levels – $59,250, $59,500 and $60,000.

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin82,369 0.09 % 0.07 % 0.51 %
Ethereum5,558.8 0.26 % 2.35 % 7.64 %
Binance Coin651.43 0.18 % 0.41 % 3.93 %
Tether1.340 0.34 % 0.87 % 0.00 %
Cardano2.900 0.21 % 0.06 % 1.04 %
Solana263.69 0.58 % 3.40 % 24.35 %
XRP1.470 0.06 % 0.11 % 3.87 %
Polkadot58.74 0.56 % 2.71 % 4.46 %
Dogecoin0.3361 0.21 % 1.54 % 5.17 %
USD Coin1.350 0.13 % 0.22 % 0.25 %

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