Bitcoin Price Gains Traction, Here’s How BTC Could Revisit $60K

Bitcoin formed a support base above the $53,000 level and it extended gains. BTC even broke the main $55,000 resistance zone and settled well above the 100 hourly simple moving average.

There was also a push above the $55,500 level and the price traded as high as $55,782. It is now consolidating gains well above the $55,000 level. There seems to be a short-term rising channel forming with resistance near $55,850 on the hourly of the BTC/USD pair.

If there is an upside break above the channel resistance, the price could continue to towards the $56,500 and $57,000 . The next major resistance is near the $58,000 level, above which the price could accelerate higher towards the $60,000 level.

Dips Limited in BTC?

If bitcoin fails to clear the $56,000 and $56,500 resistance levels, it could start a downside correction. An immediate support on the downside is near the $55,200 level.

The first key support is near the $55,000 level and the channel lower trend line. The 23.6% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also near the $53,700 level.

If there are more losses, the price could slide towards the $52,000 support and 100 hourly simple moving average. The 50% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also positioned near the $51,500 zone to provide support if there is an extended decline.

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