Bitcoin Price Rises Steadily: Will It Reach $60K Next?
September 11 2024 - 10:59PM
NEWSBTC
Bitcoin price started a decent increase above the $57,500
resistance. BTC is now showing positive signs and might aim for a
move toward $60,000. Bitcoin is attempting a fresh increase above
the $57,000 support zone. The price is trading above $57,200 and
the 100 hourly Simple moving average. There was a break above a
short-term declining channel with resistance at $56,650 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could extend gains if it clears the $58,500 and $58,800 resistance
levels in the near term. Bitcoin Price Eyes More Upsides Bitcoin
price started a decent increase after it broke the $56,200
resistance zone. BTC was able to climb above the $57,000
resistance. There was also a break above a short-term declining
channel with resistance at $56,650 on the hourly chart of the
BTC/USD pair. The pair even cleared the $58,000 resistance zone. It
traded as high as $58,450 and is currently consolidating gains. It
is positioned above the 23.6% Fib retracement level of the upward
move from the $55,548 swing low to the $58,450 high. Bitcoin is now
trading above $57,200 and the 100 hourly Simple moving average. On
the upside, the price could face resistance near the $58,500 level.
The first key resistance is near the $58,800 level. A clear move
above the $58,800 resistance might start a steady increase in the
coming sessions. The next key resistance could be $59,500. A close
above the $59,500 resistance might spark more upsides. In the
stated case, the price could rise and test the $60,000 resistance.
Another Dip In BTC? If Bitcoin fails to rise above the $58,500
resistance zone, it could start another decline. Immediate support
on the downside is near the $57,500 level. The first major support
is $57,000 or the 50% Fib retracement level of the upward move from
the $55,548 swing low to the $58,450 high. The next support is now
near the $56,000 zone. Any more losses might send the price toward
the $55,500 support in the near term. 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 above the 50
level. Major Support Levels – $57,000, followed by $56,000. Major
Resistance Levels – $58,500, and $58,800.
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