The price of Bitcoin has experienced a significant surge, increasing by over 10% and approaching the $58,000 mark. The cryptocurrency has displayed a strong upward trend and may continue its rally towards the resistance level at $60,000.
Bitcoin’s price has surpassed the $55,000 resistance zone and is currently trading above both the $55,000 level and the 100 hourly Simple Moving Average. A major bearish trend line with resistance at $51,600 was broken, contributing to the bullish momentum.
The immediate resistance levels to watch are $56,800 and $57,000, with a potential rise towards the $58,000 resistance zone. However, if the price fails to break the $57,000 resistance, a downside correction could occur, with support levels at $56,000 and $55,600.
Further losses may lead to a pullback towards the $53,200 support zone. The hourly MACD indicator suggests bullish momentum, while the RSI for BTC/USD is above the 50 level.
Source: NEWSBTC
