Key Takeaways:
- Bitcoin started a fresh increase above the $55,500 pivot level.
- BTC/USD is trading in a key contracting triangle with resistance at $61,000 on the daily chart.
- The price could continue to move up if it settles above the 50-day simple moving average (blue).
NEW DELHI (CoinChapter.com) — The Bitcoin price is struggling to settle above the $60,000 pivot level. However, if it settles above $62,000 in the near term, BTC could gain pace.
Bitcoin Price Aims For Fresh Surge Above $60K
After a massive decline, Bitcoin price found support near $50,000 and started a fresh increase. The bulls were able to push the price above the $53,500 and $55,000 levels. There was a close above the $55,500 pivot level.
The price climbed higher steadily and even surpassed the 50% Fib retracement level of the downward move from the $70,162 swing high to the $49,130 low. BTC’s recovery also pushed altcoins such as Ethereum, DOGE, XRP, SOL, and PEPE higher.
However, Bitcoin price faced heavy resistance near the $62,000 zone and the 50-day simple moving average (blue). The bears defended more upsides above the 61.8% Fib retracement level of the downward move from the $70,162 swing high to the $49,130 low.
The price also corrected over $2,000 after the rejection at $62,000. There was a move below the $60,000 level. BTC is now consolidating near the $58,000 level.
There is also a key contracting triangle with resistance at $61,000 on the daily chart. If Bitcoin price stays above the $56,500 zone, there could be a fresh increase. Immediate resistance is near the $59,500 level. The first major resistance is near the $61,000 zone and the triangle’s upper trend line.
If BTC price breaks the $61,000 resistance, it could accelerate higher. The next major barrier for the bulls could be near the $62,000 zone and the 50-day simple moving average (blue).
A close above the $62,000 level could send the price toward the $65,000 resistance. Any more gains might send the price toward the $70,000 resistance or even a new all-time high.
More Downsides In BTC?
Conversely, Bitcoin price might struggle near $60,000 or $61,000 and start another decline. Immediate support on the downside is near the $57,000 level and the triangle’s lower trend line. The first major support is near the $55,000 level.
A downside break below the $55,000 support zone could spark more bearish moves. In the stated case, the price might decline toward the $54,000 support. Any more losses could open the doors for a move toward the main support at $52,000 in the coming days.
Overall, Bitcoin is consolidating near the $58,000 zone. If the bulls remain in action above $55,000, there could be a fresh surge above the $60,000 level.
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