TA: Bitcoin surged above 100 SMA, why can BTC retest $ 60,000?

Bitcoin's price started to rise again and cleared the $ 58,250 resistance against the US dollar. BTC is currently showing positive signs and may see $ 60,000 again soon. Bitcoin started another rise above the $ 58,000 and $ 58,250 resistance levels. The price is currently trading well above $ 58,250 and the hourly simple moving average. There was a break above a major downtrend line with resistance near $ 58,650 on the chart. Hourly (Kraken data stream) of the BTC / USD pair. The pair is currently consolidating above the hourly 100 SMA and could move towards $ 60,000. Bitcoin Price Breaks Major Resistance Bitcoin has formed a support base above the $ 57,000 level and has recently begun to move higher. BTC broke some key hurdles around $ 57,500 and $ 58,250 to move into the positive zone. There was a break above the $ 58,500 and hourly simple moving average above the resistance zone. Additionally, there was a break above a major bearish trend line with resistance near $ 58,650 on the hourly chart of the BTC / USD pair. The pair settled well above the $ 58,250 level and the 100 hourly SMA. He traded up to $ 59,467 and is currently consolidating his earnings. It is trading just below the 23.6% Fib retracement level of the last wave from the $ 56,810 low to $ 59,467. Source: BTCUSD Initial support on TradingView.com is near the $ 58,500 level and the 100 hourly simple moving average. Instant resistance is around $ 59,000 followed by $ 59,467. The main resistance is still near the USD 60,000 level. If there is a bullish break above $ 60,000, there is a chance for a stable rise towards the $ 62,000 area in the near term. Are falls in BTC limited? If Bitcoin does not move above $ 59,000 and $ 59,500, there could be a downward correction. The first major negative support is near the $ 58,500 level and the 100 hourly SMA. The next major support is near the USD 58,250 level (the last breakout zone). Near the 50% Fib retracement level Read more

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