bulls are likely to aim a test of $60,000<\/a>.<\/p>\nDips Limited in BTC?<\/h2>\n If bitcoin fails to clear the $58,000 resistance zone, it could correct lower. An initial support on the downside is near the $56,000 level.<\/p>\n
The first major support is near the $55,000 level. If there is a downside break below the trend line, $55,000, and the 100 hourly simple moving average, there could be a drop towards the $52,000 support.<\/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 close to the 50 level.<\/p>\n
Major Support Levels \u2013 $56,000, followed by $55,000.<\/p>\n
Major Resistance Levels \u2013 $57,500, $58,000 and $60,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price remained in a positive zone and it traded to a new all-time high above $58,000 against the US Dollar. BTC is now correcting gains, but it is likely to continue higher towards $60,000. Bitcoin extended its rise above $57,000 and it traded to a new all-time high at $58,350. The price is still well above $55,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $55,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue higher and the bulls are likely to aim a test of $60,000. Bitcoin Price Remains In Strong Uptrend After a strong close above the $55,000 level, bitcoin price extended its upward move. BTC broke the $56,000 and $57,000 resistance levels. It even cleared the $58,000 level and traded to a new all-time high at $58,350. Recently, there was a minor downside correction below the $57,500 level. There was a break below the 23.6% Fib retracement level of the upward move from the $54,000 swing low to $58,350 high. The price even spiked below the $57,000 level, but dips were limited. Bitcoin found support near the $56,200 level. The 50% Fib retracement level of the upward move from the $54,000 swing low to $58,350 high is acting as a support. There is also a key bullish trend line forming with support near $55,000 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com On the upside, the price is facing a short-term resistance near the $57,500 and $58,000 levels. A clear break above the $58,000 resistance could open the doors for a new all-time high. In the stated case, the bulls are likely to aim a test of $60,000. Dips Limited in BTC? If bitcoin fails to clear the $58,000 resistance zone, it could correct lower. An initial support on the downside is near the $56,000 level. The first major support is near the $55,000 level. If there is a downside break below the trend line, $55,000, and the 100 hourly simple moving average, there could be a drop towards the $52,000 support. 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 close to the 50 level. Major Support Levels \u2013 $56,000, followed by $55,000. Major Resistance Levels \u2013 $57,500, $58,000 and $60,000.<\/p>\n","protected":false},"author":67,"featured_media":457246,"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-457244","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 Price Climbs Above $58K, Why Bulls Could Aim $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