From the hourly chart, Bitcoin remained strong above $54,000. Now that $54,000 became a strong support line. BTC started a fresh increase and it is expected to rally above $58,500 and $59,500.
The price of Bitcoin is now trading above $57,600 and the 100 hourly simple moving average. BTC broke the key $57,000 resistance and closed the day above that line yesterday, which is a positive signal. It could accelerate higher towards the $60,000 level in the near term.
If Bitcoin fails to clear the near $58,500 resistance line, it could start a downside correction. And it might take few weeks for Bitcoin to gain more pace before it can reach $60,000. According to its recent performance, the correction hovering around $56,000-$58,000 could last for a little bit longer.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI – The RSI is near the 60-level.
Major Support Levels – $56,000, followed by $54,500.
Major Resistance Levels – $58,000, $59,000 and $60,000.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.