Bitcoin Holds Steady Above $60K Mark: Are We in for a Gradual Rise?
Bitcoin has managed to uphold its position above the $60,000 level, sparking discussions about a potential climb. As BTC consolidates gains, market analysts are eyeing the possibility of a move above the $62,000 resistance zone.
Establishing a consolidation phase above the $60,000 threshold, Bitcoin’s hourly chart displays a trading price above $59,500 and the 100-hourly Simple Moving Average. Furthermore, a key bullish trend line with support at $59,800 is forming on the BTC/USD pair, as per data feed from Kraken.
In a positive turn of events, Bitcoin sustained its gains, maintaining stability above the $58,500 pivot level. BTC’s steady climb witnessed the price breaking through the $60,000 resistance zone, surpassing the $60,200 and $60,500 resistance levels. The bulls’ efforts were evident as the price surged above the 23.6% Fib retracement of the downward move, leading to a current positive price action that could indicate further gains.
Presently, Bitcoin rests above the $60,200 mark and the 100-hourly Simple Moving Average, consolidating near the 50% Fib retracement level. However, the potential for resistance looms around the $60,800 level, with the first major hurdle expected at $61,800. If the price manages to clear the $61,800 resistance, it could set the stage for a climb towards $62,000. A breakthrough past this level could propel Bitcoin to test the $63,500 resistance in the near future.
Despite the optimism, the possibility of a downside correction remains. Failure to push above the $61,800 resistance might prompt a bearish turn, with immediate support expected near the $60,200 level, followed by $59,800 and $58,500. A further decline may lead to a dip to the $58,000 support zone or even $57,500 in the short term.
According to technical indicators reflected in the hourly MACD (Moving Average Convergence Divergence) and the RSI (Relative Strength Index) for BTC/USD, the current bullish zone provides hope for a potential surge. While the $60,200 and $59,800 levels hold as crucial support, the resistance at $60,800 and $61,800 presents significant challenges for Bitcoin’s upward movement.
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