larger increase<\/a> towards $61,500 in the near term.<\/p>\nFresh Dip in BTC?<\/h2>\n If bitcoin fails to continue higher above the $60,000 resistance, it could start a fresh decline. The first key support on the downside is near the $57,500 level.<\/p>\n
The main support is now forming near the $57,000 level and the 100 hourly simple moving average. Any more losses might call for a test of the $55,000 support zone in the coming sessions.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining momentum in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n
Major Support Levels \u2013 $57,500, followed by $57,000.<\/p>\n
Major Resistance Levels \u2013 $59,500, $60,000 and $61,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
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: BTCUSD on TradingView.com 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. Fresh Dip in BTC? If bitcoin fails to continue higher above the $60,000 resistance, it could start a fresh decline. The first key support on the downside is near the $57,500 level. The main support is now forming near the $57,000 level and the 100 hourly simple moving average. Any more losses might call for a test of the $55,000 support zone in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is now gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level. Major Support Levels \u2013 $57,500, followed by $57,000. Major Resistance Levels \u2013 $59,500, $60,000 and $61,500.<\/p>\n","protected":false},"author":67,"featured_media":458948,"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-458946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n
TA: Bitcoin Breaks Key Hurdle, Why BTC Could Surge Above $60K<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n