Bitcoin Reclaims 100 SMA, Here’s Why BTC Could Surge above $58K

Bitcoin price started a decent increase above the $56,000 resistance against the US Dollar. BTC is showing positive signs and it could aim a break above $58,000.

Bitcoin formed a support above $54,000 and it recovered above the $56,000 zone.
The price is now trading above the $56,000 level and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $54,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair traded as high as $57,994 and it is now correcting gains.

Bitcoin Price is Showing Positive Signs
Bitcoin remained well bid above the $54,000 support zone. As a result, BTC started a fresh increase above the $55,500 and $56,000 resistance levels.
There was a clear break above a major bearish trend line with resistance near $54,850 on the hourly chart of the BTC/USD pair. The pair even climbed above the $57,000 level and it settled nicely above the 100 hourly simple moving average.
It tested the $58,000 resistance zone and a high is formed near $57,994. The price is now correcting lower and trading below $57,500. It is testing the 23.6% Fib retracement level of the recent wave from the $52,957 swing low to $57,994 high.

Source: BTCUSD on TradingView.com
There is also a declining channel or a bullish flag forming with support near $56,600 on the same chart. The 100 hourly simple moving average is also near the channel support.
On the upside, the price is facing resistance near the channel trend line at $57,600. If there is an upside break above the trend line resistance, bitcoin price could clear the $58,000 resistance. The next key resistance is near the $60,000 level.
Fresh Drop in BTC?
If bitcoin fails to clear the $57,600 resistance or $58,000, it could start a fresh decline. An initial support on the downside is near the $56,600 level and the channel zone.
The first key support is near the $56,250 level, below which the price might test $55,500. It is near the 50% Fib retracement level of the recent wave from the $52,957 swing low to $57,994 high.
Technical indicators:
Hourly MACD – The MACD is showing positive signs and it could gain in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $56,600, followed by $55,500.
Major Resistance Levels – $57,600, $58,000 and $60,000.

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Coinrule: Your One-Stop Solution in the Ever-Changing Crypto Landscape

Coinrule brings AI automation to your favorite trading platform. It's a comprehensive crypto and stocks control center. The Market Scanner scans more than 10,000...

Why Integrity Matters More Than Profits in Crypto Industry

Known for its dynamic and innovative technology, the crypto industry has seen explosive growth in its user base in recent years. According to Statista,...

5ire Token Set To Launch on Bybit Exchange: December 05

- Brace yourselves for a groundbreaking moment as 5ire prepares to unleash the 5ire token on Bybit Exchange on December 05, igniting a...

Cryptocurrency Unleashed: Haryaneaaleindiankaran’s Social Media Evolution

In a digital era where social media influencers often capture the spotlight, one TikTok sensation has transcended his platform, becoming not just a crypto...

QuickSwap integrates dappOS V2 to provide intent-centric UX

QuickSwap, the top-ranked decentralized exchange in the Polygon ecosystem, has integrated dappOS V2 to provide intent-centric user experience and bring new exciting features. Firstly, dappOS...

The Earn Network Announces Upcoming $EARN Token Public Sale – Starting on November 24, 2023 on Leading Launchpads

The Earn Network, a decentralized platform at the forefront of yield generation in the DeFi sector, is thrilled to announce the public sale of...

CAGA Crypto Launches into the Market with Impressive results: Token Trends and Volume Analysis

CAGA Crypto Launched into the Market with Impressive Results and significantly surged in price just a day after its listing.  At its listing,...

Stader Labs integrates dappOS V2 to offer intent-centric UX

Singapore, — The innovative staking platform Stader Labs has integrated dappOS V2 to offer intent-centric user experience and new powerful features.  dappOS unified account...