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Tuesday, February 20, 2024

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Bitcoin Resumes Uptrend, Here’s Why BTC Could Rally Above $60K

Bitcoin price remained well supported near the $56,000 support zone against the US Dollar. BTC is rising and it may soon break the key $60,000 resistance zone.

Bitcoin found support above $56,000 and started a fresh increase.
The price is now trading well above the $57,500 level and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $57,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate higher above the $59,500 and $60,000 resistance levels.

Bitcoin Price is Gaining Pace
Bitcoin corrected lower from the $59,500 resistance zone. BTC declined below the $58,000 and $57,500 support levels. The price even spiked below the 100 hourly simple moving average, but it remained stable above the $56,000 level.
A low was formed near $56,306 before the price started a fresh increase. There was a break above the $57,000 resistance levels. The bulls cleared the 50% Fib retracement level of the recent decline from the $59,501 high to $56,306 low.
There was also a break above a key bearish trend line with resistance near $57,900 on the hourly chart of the BTC/USD pair. The pair is now trading well above the $57,500 level and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com
It is consolidating above the 76.4% Fib retracement level of the recent decline from the $59,501 high to $56,306 low. An immediate resistance is near the $59,500 level. A clear break above the $59,500 could open the doors for a break above the $60,000 resistance. In the stated case, the price could rally towards $62,000.
Fresh Drop in BTC?
If bitcoin fails to clear the $59,500 resistance or $60,000, it could start a downside correction. An initial support on the downside is near the $58,000 level and the broken trend line.
The first key support is near the $57,500 level and the 100 hourly SMA, below which the price might test $56,500. There is also a connecting bullish trend line forming with support near $56,500 on the same chart.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $58,000, followed by $57,500.
Major Resistance Levels – $59,500, $60,000 and $62,000.

Kieran Dickens
Kieran Dickenshttp://btcsonic.xyz
I have been a crypto author for over 2 years now and have written for numerous publications. I have a vast amount of experience in the industry and continue to stay up-to-date on all the latest news and developments. My writing is highly accurate and informative, and I always aim to provide value to my readers.

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