Bitcoin Resumes Uptrend, Here’s Why BTC Could Rally Above $60K

Bitcoin price remained well supported near the $56,000 support zone against the US Dollar. BTC is rising and it may soon break the key $60,000 resistance zone.

Bitcoin found support above $56,000 and started a fresh increase.
The price is now trading well above the $57,500 level and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $57,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate higher above the $59,500 and $60,000 resistance levels.

Bitcoin Price is Gaining Pace
Bitcoin corrected lower from the $59,500 resistance zone. BTC declined below the $58,000 and $57,500 support levels. The price even spiked below the 100 hourly simple moving average, but it remained stable above the $56,000 level.
A low was formed near $56,306 before the price started a fresh increase. There was a break above the $57,000 resistance levels. The bulls cleared the 50% Fib retracement level of the recent decline from the $59,501 high to $56,306 low.
There was also a break above a key bearish trend line with resistance near $57,900 on the hourly chart of the BTC/USD pair. The pair is now trading well above the $57,500 level and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com
It is consolidating above the 76.4% Fib retracement level of the recent decline from the $59,501 high to $56,306 low. An immediate resistance is near the $59,500 level. A clear break above the $59,500 could open the doors for a break above the $60,000 resistance. In the stated case, the price could rally towards $62,000.
Fresh Drop in BTC?
If bitcoin fails to clear the $59,500 resistance or $60,000, it could start a downside correction. An initial support on the downside is near the $58,000 level and the broken trend line.
The first key support is near the $57,500 level and the 100 hourly SMA, below which the price might test $56,500. There is also a connecting bullish trend line forming with support near $56,500 on the same chart.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $58,000, followed by $57,500.
Major Resistance Levels – $59,500, $60,000 and $62,000.

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

Football lengend David Beckham joins Greed island

On November 5th, the English football superstar David Beckham announced that he would join the Greed Island team, and the whitelist application channel has...

The NFT Project Driving Freedom of Speech in The Metaverse

"Schooling" The Metaverse On Free Speech, Tanked Gil Schoolies NFT's Use Comedy to Fight Cancel Culture With Freedom of Speech Under Attack in and around...

Potential projects to get whitelisted on Solana and Ethereum

The rapid expansion of the NFT sector over the last year has made possible a plethora of innovative new endeavors. The early identification of...

THE Ape-Revolution of the Defi Space

What do you get when you combine game-changing utility, an experienced team in Defi and a frenetic committed community? A monster coin in the...

The Sublimation of Metaverse Experience: Visualization, Multi-scene, Immersion

DID, Metaverse, Immersive Experience, On-chain Visualization, On-chain Interaction In recent years, the "metaverse" has become the new consensus of the global technology giants on the...

Funex Club Announces the Launch of its Upcoming Multi-Chain Decentralized Crypto Wallet – Funex Pro

VILNIUS, LITHUANIA / ACCESSWIRE / October 17, 2022 / After the successful launches and presale programs of its native currency, i.e., Funex Coin - Funex Club is...

NuriFlex successfully completed 1st round of NuriTopia $NBLU token private sales

VANCOUVER, British Columbia -- NuriFlex Holdings Inc. (www.nuri.ca, “NuriFlex”) announced that it has successfully completed 1st round of $NBLU token private sales. $NBLU token...

Bowled.Io To Build A Multilateral Community In Partnership With Prominent Web3 Ecosystem Players

Gaming is the fastest-growing entertainment industry in India. The number of online gamers in India has nearly doubled to 510 million from 269 million...