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{"id":458854,"date":"2021-03-17T03:08:55","date_gmt":"2021-03-17T03:08:55","guid":{"rendered":"https:\/\/wncen.com\/?p=458854"},"modified":"2024-06-11T14:14:01","modified_gmt":"2024-06-11T14:14:01","slug":"bitcoin-btc-could-climb-above-58k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-could-climb-above-58k\/","title":{"rendered":"TA: Bitcoin Forms Bullish Pattern, Why BTC Could Climb Above $58K"},"content":{"rendered":"

Bitcoin price started a fresh increase after a drop towards $53,000 against the US Dollar. BTC is now forming an inverse head and shoulders, with chances of a break above $58,000.<\/em><\/p>\n

\n
Bitcoin is showing positive signs above the $55,000 support zone.<\/li>\n
The price is now facing resistance near $58,000 and the 100 hourly simple moving average.<\/li>\n
There is a key bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely setting up for an upside break above the $58,000 resistance.<\/li>\n<\/ul>\n
Bitcoin Price is Recovering<\/h2>\n
After a sharp decline, bitcoin found support<\/a> above the $53,000 level. BTC traded as low as $53,222 and recently started a fresh increase. It cleared the $54,200 and $55,000 resistance levels.<\/p>\n
There was a recovery above the 23.6% Fib retracement level of the downward move from the $61,695 high to $53,220 low. The price even climbed above the $56,000 level. However, the price is facing resistance near $58,000 and the 100 hourly simple moving average<\/a>.<\/p>\n
It seems like there is a possible inverse head and shoulders pattern forming with resistance near the $57,000 level. There is also a key bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The trend line is close to the 50% Fib retracement level of the downward move from the $61,695 high to $53,220 low. A successful break above the trend line resistance could open the doors for a decent increase towards the $58,800 and $60,000 levels.<\/p>\n
Fresh Dip in BTC?<\/h2>\n
If bitcoin fails to correct higher above the $57,000 and $58,000 resistance levels, it could start a fresh decline. The first key support on the downside is near the $55,000 level.<\/p>\n
The next key support is near the $54,200 level. If there is a clear break below the $54,200 level, the price is likely to continue lower in the coming sessions. The next major support is near $53,200, below which the bears might aim a test of the $50,000 support level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly gaining momentum in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to stay above the 50 level.<\/p>\n
Major Support Levels \u2013 $55,000, followed by $54,200.<\/p>\n
Major Resistance Levels \u2013 $57,000, $57,500 and $58,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a fresh increase after a drop towards $53,000 against the US Dollar. BTC is now forming an inverse head and shoulders, with chances of a break above $58,000. Bitcoin is showing positive signs above the $55,000 support zone. The price is now facing resistance near $58,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely setting up for an upside break above the $58,000 resistance. Bitcoin Price is Recovering After a sharp decline, bitcoin found support above the $53,000 level. BTC traded as low as $53,222 and recently started a fresh increase. It cleared the $54,200 and $55,000 resistance levels. There was a recovery above the 23.6% Fib retracement level of the downward move from the $61,695 high to $53,220 low. The price even climbed above the $56,000 level. However, the price is facing resistance near $58,000 and the 100 hourly simple moving average. It seems like there is a possible inverse head and shoulders pattern forming with resistance near the $57,000 level. There is also a key bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com The trend line is close to the 50% Fib retracement level of the downward move from the $61,695 high to $53,220 low. A successful break above the trend line resistance could open the doors for a decent increase towards the $58,800 and $60,000 levels. Fresh Dip in BTC? If bitcoin fails to correct higher above the $57,000 and $58,000 resistance levels, it could start a fresh decline. The first key support on the downside is near the $55,000 level. The next key support is near the $54,200 level. If there is a clear break below the $54,200 level, the price is likely to continue lower in the coming sessions. The next major support is near $53,200, below which the bears might aim a test of the $50,000 support level. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to stay above the 50 level. Major Support Levels \u2013 $55,000, followed by $54,200. Major Resistance Levels \u2013 $57,000, $57,500 and $58,000.<\/p>\n","protected":false},"author":67,"featured_media":458856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-458854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Forms Bullish Pattern, Why BTC Could Climb Above $58K<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a fresh increase after a drop towards $53,000 against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Forms Bullish Pattern, Why BTC Could Climb Above $58K","url":"http:\/\/wncen.com\/news\/bitcoin-btc-could-climb-above-58k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-could-climb-above-58k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_1310151679-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_1310151679-1.jpg?fit=1000%2C663"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-03-17T03:08:55Z","datePublished":"2021-03-17T03:08:55Z","dateModified":"2024-06-11T14:14:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Forms Bullish Pattern, Why BTC Could Climb Above $58K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-could-climb-above-58k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-could-climb-above-58k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_1310151679-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_1310151679-1.jpg?fit=1000%2C663\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-03-17T03:08:55Z\",\"datePublished\":\"2021-03-17T03:08:55Z\",\"dateModified\":\"2024-06-11T14:14:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_1310151679-1.jpg?fit=1000%2C663","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/458854"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=458854"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/458854\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/458856"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=458854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=458854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=458854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}