Bitcoin crossed $ 58,000; Where is the next goal?

The price of Bitcoin started a new uptrend just above $ 57,000 a few hours ago. With this rapid jump, the way is paved for further recovery and reaching the price of $ 60,000.

to the Report NewsBeats backed buyers near $ 53,500 yesterday and was able to start a new uptrend. In the first wave of price recovery, Bitcoin surpassed the $ 55,000 resistance.

The uptrend was broken by breaking the resistance of a key downtrend line at $ 54,800, and the price was able to overcome the resistance level of 50% Fibonacci correction. In this analysis, Fibonacci levels are adjusted based on the downward movement of the price from $ 59,376 to the bottom of $ 53,576.

Bitcoin is currently trading above the $ 57,000 level and the 100-hour moving average (SMA), with the nearest price resistance at $ 58,000, which is around the 76.4% Fibonacci retracement level.

The next key resistance is at $ 58,500; Crossing the price candle above this level could pave the way for Bitcoin to reach $ 60,000. If the $ 60,000 resistance continues to break, the upward acceleration of the price will increase.

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If the uptrend continues, the next key resistance will be at $ 61,200, and further price growth could push Bitcoin to $ 62,000 in the short term.

If buyers fail to push the price above $ 58,000, a new market reversal may begin. In this case, the closest support to the price will be at $ 57,200.

The first key support is at $ 56,500, followed by the $ 56,000 level and the simple 100-hour moving average as price support. Breaking this support could lead to a fall in the price to $ 55,000 and the continuation of the downtrend may push the price to $ 53,500.

The MACD is rapidly entering the uptrend and the Relative Strength Index (RSI) is in the saturation zone.

As mentioned, $ 57,000 and $ 56,500 are key Bitcoin supports, and $ 58,000, $ 58,500 and $ 60,000 act as price resistance.