Bitcoin

Why Bitcoin Price Is Gearing For Another Lift-Off To New ATH

This past week, bitcoin price saw a decent increase above the $57,500 resistance against the US Dollar. The BTC/USD pair broke the $58,500 resistance and it settled above the 100 simple moving average (4-hours).

The pair even climbed above the $59,200 level and the key $60,000 resistance. However, the struggled to the price to a new all-time high above $61,250. A high was formed near $61,242 and the price is now consolidating gains.

There was a spike below the 23.6% Fib retracement level of the upward move from the $55,545 swing low to $61,242 high. The price is now consolidating above the $60,000 level.

There is also a short-term bullish continuation pattern forming with resistance near $60,300 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the $60,500 level, there are chances of a strong increase in the coming sessions.

The next key resistance is near the $61,250 level. A successful push above the $61,250 level could the doors for a steady increase above $62,000 and to a new all-time high in the near term.

Downside Break in BTC?

If bitcoin fails above the $60,500 support, there is a risk of a downside break. The first major support is near the $59,300 and $59,200 levels.

The next major support is near the $58,500 level. It is near the 50% Fib retracement level of the upward move from the $55,545 swing low to $61,242 high. Any more losses might call for a of the $57,500 level and the 100 simple moving average (4-hours).

Back to top button