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TA: Bitcoin Worth Climbs Above $58K, Why Bulls May Purpose $60K

02/22/2021

Bitcoin worth remained in a optimistic zone and it traded to a brand new all-time excessive above $58,000 towards the US Greenback. BTC is now correcting features, however it’s prone to proceed greater in the direction of $60,000.

  • Bitcoin prolonged its rise above $57,000 and it traded to a brand new all-time excessive at $58,350.
  • The value continues to be properly above $55,000 and the 100 hourly easy transferring common.
  • There’s a key bullish pattern line forming with help close to $55,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might proceed greater and the bulls are prone to goal a check of $60,000.

Bitcoin Worth Stays In Robust Uptrend

After a robust shut above the $55,000 stage, bitcoin worth prolonged its upward transfer. BTC broke the $56,000 and $57,000 resistance ranges. It even cleared the $58,000 stage and traded to a brand new all-time excessive at $58,350.

Lately, there was a minor draw back correction beneath the $57,500 stage. There was a break beneath the 23.6% Fib retracement stage of the upward transfer from the $54,000 swing low to $58,350 excessive. The value even spiked beneath the $57,000 stage, however dips have been restricted.

Bitcoin discovered help close to the $56,200 stage. The 50% Fib retracement stage of the upward transfer from the $54,000 swing low to $58,350 excessive is appearing as a help. There may be additionally a key bullish pattern line forming with help close to $55,000 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Supply: BTCUSD on TradingView.com

On the upside, the value is dealing with a short-term resistance close to the $57,500 and $58,000 ranges. A transparent break above the $58,000 resistance might open the doorways for a brand new all-time excessive. Within the acknowledged case, the bulls are prone to goal a check of $60,000.

Dips Restricted in BTC?

If bitcoin fails to clear the $58,000 resistance zone, it might appropriate decrease. An preliminary help on the draw back is close to the $56,000 stage.

The primary main help is close to the $55,000 stage. If there’s a draw back break beneath the pattern line, $55,000, and the 100 hourly easy transferring common, there may very well be a drop in the direction of the $52,000 help.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is near the 50 stage.

Main Assist Ranges – $56,000, adopted by $55,000.

Main Resistance Ranges – $57,500, $58,000 and $60,000.