Bitcoin price prolonged its rise and even tested the $ 58,000 resistance against the US dollar. BTC is showing positive signs and is likely to rise above $ 60,000.

 

Bitcoin remains in the bullish zone and even climbed above the $ 58,000 resistance.

The price is currently trading well above $ 56,000 and the 100 hourly simple moving average.

The hourly chart of the BTC / USD pair includes two bullish trend lines with support near $ 55,650 and $ 55,000.

The pair may correct the fall, but the bulls are likely to remain active above $ 55,000.

If Bitcoin fails to clear the $ 58,000 resistance, it could correct the lower level. Initial key support is near the $ 56,200 level.

The main support is near the trend line and is at $ 55,500. Further losses could require testing of the $ 55,000 support level. If the bulls fail to defend the $ 55,000 support zone, the price is likely to drop towards the $ 52,000 support in the coming sessions.

 

Technical Indicators

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is falling towards the 50 level.

Major Support Levels – $ 55,650 followed by $ 55,000.

Major Resistance Levels – $ 58,000, $ 58,500 and $ 60,000.

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