Bitcoin Starts Fresh Rally To $60K, What Could Fuel More Upsides

Bitcoin remained strong above the $54,000 level against the US Dollar. BTC started a fresh increase and it could rally above $58,500 and $59,500.

Bitcoin started a fresh increase and it broke the $58,000 level.
The price is now trading above $57,500 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $56,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate higher towards the $60,000 level in the near term.

Bitcoin Price Gains Pace
Bitcoin price found support near the $54,000 level and started a fresh increase. BTC broke the key $57,000 resistance zone to enter again into a positive zone.
There was a break above a key bearish trend line with resistance near $56,500 on the hourly chart of the BTC/USD pair. The pair accelerated higher above the $57,500 level and the 100 hourly simple moving average.
Bitcoin surpassed the 76.4% Fib retracement level of the key drop from the $57,835 swing high to $54,020 low. It opened the doors for a fresh high above the $58,000 level. The price is now accelerating higher above the $58,000 level.
On the upside, an initial resistance is near the $58,750 level. It is near the 1.236 Fib extension level of the key drop from the $57,835 swing high to $54,020 low. The first key resistance is near the $59,000 level. A clear break above the $59,000 resistance could open the doors for more upsides.

Source: BTCUSD on TradingView.com
The next major resistance sits near the $60,000 level. An intermediate hurdle for the bulls may possibly be near the $59,500 level.
Dips Supported In BTC?
If bitcoin fails to clear the $59,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $58,000 level.
The first major support is now forming near the $57,800 level (the recent breakout zone). A downside break below the $57,800 level could set the pace for a downside correction. The next major support is now near the $56,500 level and the 100 hourly SMA.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $57,800, followed by $56,500.
Major Resistance Levels – $58,750, $59,000 and $60,000.

Joe Erickson

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