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Bitcoin Price Climbs Higher While Bulls Aim For $60K: Analysis

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Stefan

The Bitcoin price climbs higher above $58K while the bulls are aiming for a $60K level, remaining in a positive zone and trading to a new all-time high above $58K against the US dollar so let’s take a closer look at today’s Bitcoin price news.

BTC is now correcting the gains above $57,000 and traded to a new high above $58,350 with the price still being well above $55,000 and the 100 hourly simple moving average. There was also a key bullish trend line that is forming near the support at $55K on the hourly charts of the pair which will likely shoot higher as the bulls are ready to aim for a test at $60K.

Source BTCUSD on TradingView.com

After a strong close above the $55,000 level, the BTC price extended its upward move and the pair broke the $56K and the $57K resistance levels. It even cleared the $58K level and hit a new ATH at $58,350. Recently there was a minor downside correction below the $57K level and a break below the 23.6% fib retracement level from the upwards move at $54,000 swing low to the $58,350 high. The price even spiked below the $57,000 level but the dips were quite limited. BTC found support near the $56,200 level and the 50% fib retracement level from the upward move at $54,000 swing low to $58,350 high is acting as a support with the key bullish trend line forming at the support near $55,000 on the hourly charts of the pair.

On the upside, the price is facing a short-term resistance near the $57,500 level and a clear break above the $58K resistance will open the doors for a new all-time high. The bitcoin price climbs higher as the bulls are testing the $60K level so if the coin fails to clear the resistance zones below, it will correct lower with initial support on the downside being set at $56K level. The first major support is close to the $55,000 level so if there’s a downside break below this trend line, and the 100 hourly simple moving average, there will be another drop to $52K support.

BTC Daily
BTC 24-hour Price Chart (Source: Coingecko)

The hourly MACD for the pair is slowly gaining momentum in the bullish zone and the hourly RSI for the pair is close to the 50 level. The major support levels are set at $56K and $55K with the major resistance levels being set at $57,500 and $58,000.

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