Bitcoin Rules Above Major Support Where BTC Can Revisit $ 60K

Bitcoin's price started another rise above the $ 55,000 resistance zone against the US Dollar. BTC tested $ 58,500 and continues to increase for the transition to the $ 60,000 zone. Bitcoin is showing positive signs and recently tested the $ 58,500 resistance zone. The price is currently trading well above $ 55,000 and the 100 simple moving average (4 hours). A major bullish trend line is forming on the 4-hour chart of the BTC / USD pair (Kraken data stream) with support near $ 55,400. The pair can correct the losses, but it will likely start a steady uptrend towards the $ 60,000 level. Bitcoin Price Rise Last week, bitcoin price remained stable above the $ 52,500 support area against the US Dollar. The BTC / USD pair began to steadily rise, breaking through some key hurdles near $ 55,000. The price even broke the $ 56,500 resistance and extended its rally. There was an increase above the $ 58,000 level, but the price was forced near the $ 58,500 area. A bullish close to $ 58,494 is forming and the price is currently correcting lower. It was trading below the $ 57,500 level. Below the 23.6% Fib retracement level of the upward move, there was a break from the $ 52,489 swing low to $ 58,494. On the downside, there is a major support near the $ 55,500 area. A major bullish trend line is forming with support near $ 55,400 on the 4-hour chart of the BTC / USD pair. The trendline is near the 50% Fib retracement level of the upward move from the swing low of $ 52,489 to $ 58,494. Source: BTCUSD on TradingView.com On the upside, the price is facing major resistance near the $ 58,000 and $ 58,500 levels. A successful close above the $ 58,000 and $ 58,500 resistance levels could open the way for further rise towards the $ 60,000 barrier. Are the decreases limited in BTC? If Bitcoin fails above the $ 58,000 level, there is a risk of a downward correction. The first major support is near the $ 55,500 level and the trendline area. Next major support near $ 55,000

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