Bitcoin price gained bullish momentum above the $57,000 resistance against the US Dollar. BTC is now trading nicely above $58,000 and it is likely to continue higher.
- Bitcoin is up over 5% and it broke the key $58,000 resistance level.
- The price is now well above the $58,000 resistance and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $57,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher towards the $60,000 and $60,500 levels in the near term.
Bitcoin Price is Gaining Momentum
After forming a base above $55,000, bitcoin started a fresh increase. BTC broke many hurdles near $57,000 and $58,000 (as discussed yesterday) to move into a positive zone.
There was a break above a major bearish trend line with resistance near $57,500 on the hourly chart of the BTC/USD pair. The pair even broke the 61.8% Fib retracement level of the key decline from the $61,695 high to $53,220 low. It opened the doors for more gains and the price even climbed above $59,000. A high is formed near $59,623, and the price is now well above the $58,000 resistance and the 100 hourly simple moving average.
Source:
An initial support is near the $58,250 level. It is close to the 23.6% Fib retracement level of the recent increase from the $53,797 swing low to $59,623 high. On the upside, the price is facing resistance near the $59,500 level. The next key resistance is near the $60,000 level. A clear close above the $60,000 level could open the doors for a larger increase towards $61,500 in the near term.