June 22, 2021

Bitcoin Muted While Ethereum Surges, Why BTC Could Soon Break $60K

2 min read

Bitcoin cost started a fresh increase above the $56,500 resistance zone against the US Dollar. BTC is now approaching a major break, with a significant hurdle near $60,000.

  • Bitcoin is showing favorable signs above the $56,500 and $58,000 resistance levels.
  • The cost is now trading well above $58,000 and the 100 basic moving average (4-hours).
  • There is a significant contracting triangle forming with resistance near $60,000 on the 4-hours chart of the BTC/USD set (information feed from Kraken).
  • The set is likely to accelerate higher once it clears the $60,000 resistance zone in the near term.

Bitcoin Price Turns Green

This previous week, bitcoin cost settled above the key $55,000 pivot level against the US Dollar. The BTC/USD set formed a base above $55,000 and just recently started a fresh increase.

It climbed above the $56,500 resistance zone and settled well above the 100 easy moving typical (4-hours). Nevertheless, the upward move was limited, thinking about the current rise in ethereum above $3,500.

BTC cleared the $58,000 resistance and it even increased above the $59,000 level. A high is formed near $59,566 before the rate started a drawback correction. It is now trading below the $59,000 level. There was a break below the 23.6% Fib retracement level of the upward relocation from the $56,859 swing low to $59,566 high.

Bitcoin Price

 Source: BTCUSD on TradingView.com

On the drawback, there is a significant support forming near the $58,000 zone. The 50% 23.6% Fib retracement level of the upward move from the $56,859 swing low to $59,566 high is likewise near the $58,200 zone.

On the benefit, an initial resistance is near the $59,500 level. The primary difficulty is near the $60,000 level. There is likewise a significant contracting triangle forming with resistance near $60,000 on the 4-hours chart of the BTC/USD set. An effective close above the $59,500 and $60,000 resistance levels could open the doors for a strong rally in the coming sessions.

Dips Limited in BTC?

If bitcoin stops working above the $60,000 level, there is a danger of a downside correction. The very first major assistance is near the $58,200 level and the triangle pattern line zone.

The next major assistance is near the $57,200 level. Any more losses may require a fresh drop towards the $55,500 support level.

Technical indications

4 hours MACD –– The MACD for BTC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) –– The RSI for BTC/USD is now well above the 50 level.

Significant Support Level –– $58,000

Significant Resistance Level –– $60,000