Bitcoin price is showing positive signs above $ 55,000. BTC is likely to surpass $ 58,000 and reach an all-time high in the near term.

 

Bitcoin price is rising

Bitcoin climbed further above the $ 55,500 and $ 57,000 resistance levels.

The price is currently consolidating at over $ 55,000 and is well above the 100 hourly simple moving average.

The hourly chart of the BTC / USD pair features a major bullish trend line formed with support around $ 55,150.

The pair is likely to rise above $ 57,500 and $ 58,000 in the upcoming sessions.

If Bitcoin fails to cross the $ 57,500 resistance, it could drop further. The first major support is located near the trend line and at $ 55,150.

If there is a downside break below the trendline support, there is a possibility that the price will move towards the $ 54,000 support. There is another trend line formed on the same chart with support near $ 54,000.

 

Technical indicators

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

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

Major Support Levels – $ 55,150 followed by $ 54,000.

Major Resistance Levels – $ 57,500, $ 58,000 and $ 60,000.

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