October 2, 2022

Bitcoin Broke $58K To New All-Time High: Updated Price Analysis & Next Targets

2 min read

Bitcoin rose by a strong $2,500 so far today, getting nearly 5% in worth. This allowed the cryptocurrency to break resistance at $56K, going beyond $58K to set a brand-new all-time high.

The main cryptocurrency had been trading within an ascending price channel for the entire month of February. On Friday, Bitcoin had surged by 8.5% as it broke past the previous resistance at $52,365 to smash the upper boundary of the significant price channel, reaching the resistance level at $56,112 (1.414 Fib Extension).

From there, Bitcoin had stopped working to close an everyday candle above that level. Yesterday, after setting a new ATH at $57.5 K, Bitcoin had seen a massive price correction of $3500 to $54,000. However, the bulls quickly jumped on the inexpensive BTC demonstrating how strong the marketplace is. Simply hours later, and Bitcoin broke Saturday’s ATH to a brand-new one set above $58K.

BTC Price Support and Resistance Levels to Watch

Secret Support Levels: $57.5 K – – $57,686, $56,112, $55,000, $52,365,

$50,800. Key Resistance Levels: $58,350, $59,720 – – $60,000, $60,735, $62,170, $64,000,

$66,000. Looking ahead, the very first level of resistance now lies at the current ATH at $58,350, followed by resistance at $59,720 (short-term 1.272 Fib Extension). This is carefully followed by $60,000.

Beyond $60,000, extra resistance lies at $60,735 (short-term 1.414 Fib Extension), $62,170 (1.414 Fib Extension – – blue ), $64,000, and $66,000(1.414 Fib extension – – orange).

In case of a correction, the very first support lies at $57,686 (today’s previous resistance and the other day’s high). This is followed by $56,112 (the other day’s resistance turned assistance & & previous rate channel limit), $55,000, $52,365, and $50,800 (.236 Fib Retracement & & lower border of rate channel).

The RSI is incredibly overbought as it sits above 80. Nevertheless, the RSI was higher throughout the January 2021 rise, indicating there is still room for the momentum to push greater.

It will be fascinating to see if the bullish momentum will continue moving forward to the brand-new week.

Bitstamp BTC/USD Daily Chart

BTC/USD Daily Chart. Source: TradingView Bitstamp BTC/USD 4-Hour Chart BTC/USD 4-Hour Chart. Source: TradingView