TA: Bitcoin Price Gains Traction, Here’s How BTC Could Revisit $60K

Bitcoin price gained pace and it cleared the $55,000 resistance zone against the US Dollar. BTC is showing positive signs and it is likely to accelerate higher above $56,500.

• Bitcoin started a decent increase it settled nicely above the $53,000 resistance.
• The price is now trading well above $54,000 and the 100 hourly simple moving average.
• There is a short-term rising channel forming with resistance near $55,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is likely to continue higher above the $56,000 and $56,500 resistance levels.

Bitcoin Price Remains Bullish

Bitcoin formed a strong support base above the $53,000 level and it extended gains. BTC even broke the main $55,000 resistance zone and settled well above the 100 hourly simple moving average.

There was also a push above the $55,500 level and the price traded as high as $55,782. It is now consolidating gains well above the $55,000 level. There seems to be a short-term rising channel forming with resistance near $55,850 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

If there is an upside break above the channel resistance, the price could continue to rise towards the $56,500 and $57,000 levels. The next major resistance is near the $58,000 level, above which the price could accelerate higher towards the $60,000 level.

Dips Limited in BTC?

If bitcoin fails to clear the $56,000 and $56,500 resistance levels, it could start a downside correction. An immediate support on the downside is near the $55,200 level.

The first key support is near the $55,000 level and the channel lower trend line. The 23.6% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also near the $53,700 level.

If there are more losses, the price could slide towards the $52,000 support and 100 hourly simple moving average. The 50% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also positioned near the $51,500 zone to provide support if there is an extended decline.

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 well above the 50 level.

Major Support Levels – $55,000, followed by $53,000.

Major Resistance Levels – $56,000, $58,000 and $60,000.