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Bitcoin Settles Above Key Help, Why BTC Might Revisit $60K

05/02/2021

Bitcoin value began a recent improve above the $55,000 resistance zone in opposition to the US Greenback. BTC examined $58,500 and it stays elevated for a transfer in the direction of the $60,000 zone.

  • Bitcoin is exhibiting constructive indicators and it not too long ago examined the $58,500 resistance zone.
  • The worth is now buying and selling nicely above $55,000 and the 100 easy transferring common (4-hours).
  • There’s a key bullish pattern line forming with help close to $55,400 on the 4-hours chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may appropriate losses, however it’s more likely to begin a gradual improve in the direction of the $60,000 degree.

Bitcoin Worth Features Traction

This previous week, bitcoin value remained steady above the $52,500 help zone in opposition to the US Greenback. The BTC/USD pair began a gradual improve and it broke a few necessary hurdles close to $55,000.

The worth even broke the $56,500 resistance and prolonged its rise. There was a spike above the $58,000 degree, however the value struggled close to the $58,500 zone. A excessive is fashioned close to $58,494 and the value is now correcting decrease.

It traded beneath the $57,500 degree. There was a break beneath the 23.6% Fib retracement degree of the upward transfer from the $52,489 swing low to $58,494 excessive. On the draw back, there’s a main help forming close to the $55,500 zone.

There may be additionally a key bullish pattern line forming with help close to $55,400 on the 4-hours chart of the BTC/USD pair. The pattern line is near the 50% Fib retracement degree of the upward transfer from the $52,489 swing low to $58,494 excessive.

Bitcoin Price

Supply: BTCUSD on TradingView.com

On the upside, the value is dealing with a significant resistance close to the $58,000 and $58,500 ranges. A profitable shut above the $58,000 and $58,500 resistance ranges may open the doorways for a recent improve in the direction of the $60,000 barrier.

Dips Restricted in BTC?

If bitcoin fails above the $58,000 degree, there’s a danger of a draw back correction. The primary main help is close to the $55,500 degree and the pattern line zone.

The following main help is close to the $55,000 degree and the 100 SMA. Any extra losses would possibly name for a recent drop in the direction of the $52,500 help degree.

Technical indicators

4 hours MACD – The MACD for BTC/USD is shedding momentum within the bullish zone.

4 hours RSI (Relative Energy Index) – The RSI for BTC/USD is now nicely above the 50 degree.

Main Help Degree – $55,500

Main Resistance Degree – $58,500