BTC Settled Above Key Support, There Are Chances Of Revisiting $60K

BTC settled above the key support of $55,000 against the US dollar with the price testing the $58,500 and remained elevated for a new move towards $60,000 so there are chances of another rise higher so let’s read more in our latest Bitcoin news.

It shows more positive signs and BTC Settled above the key support before hitting the $58,500 resistance zone with the price now trading well below the $55,000 and the 100 simple moving average. There’s also another key bullish trend line with the support at $55,400 on the 4-hour charts of the pair and the pair could even correct the losses but it is unlikely to start a new increase towards $60K.

Over the past week, the BTC price remained stable above $52,500 support against the US dollar and the pair started a new increase breaking a few important hurdles near $55,000. The price broke the $56,500 resistance and extended the rise with a spike above the $58,000 level but the price then struggled near the $58,500 zone. A new high was formed near the $58,494 and the price is now correcting lower. It then traded to a $57,500 level with a break below the 23.6% fib retracement level from the upwards move at $52,489 low to $58,494 high. On the downside, there’s major support forming near the $55,500 zone.

There’s also a new bearish trend line forming with support at $55,400 on the 4-hour charts of the pair with the trend lien close to 50% fib retracement level from the upwards move at $52,489 low to $58,494 high. On the upside, the price is facing a major resistance near the $58K level and a close above these levels could open the doors for a new increase towards the $60K barrier. If BTC fails above the $58K level, there’s a risk of a downside correction with the first major support being at the $55,500 level.

The next major support is near the $55,000 level and the 100 SMA with more losses being able to call for a new drop towards the $52,500 support level. The 4-hour MACD for the pair is losing momentum in the bullish zone. The 4-hour RSI for the pair is well above the 50 levels with the major support set at $55,500.