Could a Bull Market Be on the Horizon?

The Bitcoin market managed to remain stable above the key support level of $57,650. Currently, BTC is charting an upward trajectory, potentially setting its sights on surpassing the $60,000 resistance barrier.

• Bitcoin has initiated a resurgence, climbing over the $58,500 resistance mark.
• The cryptocurrency’s price hovers beneath the $60,000 threshold and below the 100-hourly Simple moving average.
• A conspicuous bearish trend line with existing resistance near $60,000 can be discerned on the hourly BTC/USD chart (courtesy of Kraken).
• Should Bitcoin secure a firm footing above the resistance zone of $60,000, it may undertake a renewed uptick.

Bitcoin Aims for a New Upward Movement

After a slight downturn correction beneath the $60,000 milestone, Bitcoin’s value experienced a slump under the $59,500 and $58,000 levels, briefly entering a bearish domain. Bitcoin established a low at $57,690 and soon embarked on a recovery wave.

The ascent surpassed the $58,000 and $58,500 levels. Notably, Bitcoin ascended past the 50% Fib retracement level of its previous descent from the $61,800 high to the $57,690 low.

Currently trading below the pivotal $60,000 mark and the 100 hourly Simple moving average, Bitcoin faces potential resistance at the $60,000 milestone. The hourly BTC/USD chart reveals a connecting bearish trend line in this region.

An initial significant resistance lies near $60,250, approximate to the 61.8% Fib retracement of the recent drop from the $61,800 peak to the $57,690 trough. An unequivocal advance past this $60,250 resistance could propel the price to higher levels in subsequent trading sessions. The forthcoming substantial resistance is situated at $61,200.

On the horizon is a steeper resistance at $62,500. If Bitcoin triumphantly moves past this barrier, it might set off further upward momentum. In this scenario, a test of the $64,200 resistance level is within the realm of possibility.

Possible Downturn for BTC?

In the event that Bitcoin is unsuccessful in breaching the $60,000 resistance territory, it may face another setback. The immediate downslide support is around the $58,800 mark.

The principal support finds itself at $57,650, with subsequent support close to the $57,000 region. Further downsides could potentially drive Bitcoin’s price down to the $55,500 level, or even as low as $55,000 in the short term.

Technical indicators:

Hourly MACD – The MACD shows an increasing momentum within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has crossed above the midpoint, settling over the 50 level.

Major Support Levels – $58,500, followed by $57,650.

Major Resistance Levels – $60,000, and $60,250.