Bitcoin Price Analysis: Will the $ 60,000 resistance finally break?
Bitcoin gained momentum last night, reaching prices above $ 58,000. However, buyers are still trying to get closer to the $ 60,000 level.
to the Report Bitcoin yesterday, the price of Bitcoin started a new uptrend yesterday, above $ 55,000 and $ 57,000, reaching above the 100-hour moving average (MA).
The price even crossed the $ 58,000 resistance at some point, reaching close to $ 59,000. The price peak is now at $ 58,890 and the market is correcting yesterday’s price jump. During the recent correction, the price first broke the $ 58,500 support and the price fell below the support level of 23.6% of the Fibonacci retracement. In this analysis, Fibonacci levels are set based on the upward movement of the price from $ 53,300 to the peak of $ 58,890.
Bitcoin is now above the $ 56,000 level and the 100-hour moving average, and if the correction trend ends and the price rises, the nearest resistance will be at the $ 57,000 level.
The 1-hour market also shows a downtrend, which is near the $ 57,000 level, and breaking it could pave the way for further price jumps. The next key resistance is near $ 58,500 and after that the continuation of the upward trend can bring the price to $ 60,000. If the one-hour candle closes above $ 60,000, the upward acceleration of the price is likely to increase.
If the price does not continue to cross the $ 57,000 level, the nearest support will be at the level of $ 56,200, which is located in an area with approximately 50% Fibonacci level. Continuing the downtrend could push the price to $ 55,000.
The MACD is rapidly falling and the Relative Strength Index (RSI) is below 50.
As mentioned, $ 56,200 and $ 55,000 are key supports for Bitcoin, and $ 57,000, $ 58,500 and $ 60,000 also act as price resistance.