Bitcoin Price Targets Recovery: Will It Surpass the $60K Mark?

Bitcoin worth is slowly shifting larger above the $56,500 stage. BTC may achieve bullish momentum if it clears the $58,500 resistance zone.

• Bitcoin began a restoration wave above the $56,500 and $57,000 ranges.
• The worth is buying and selling above $57,000 and the 100 hourly Easy shifting common.
• There’s a connecting bullish development line forming with help at $57,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may begin a contemporary enhance above the $58,500 resistance zone.

Bitcoin Value Goals Increased

Bitcoin worth began a restoration wave above the $56,500 stage. BTC even climbed above the $57,500 stage. Nonetheless, the bears are once more energetic close to the $58,500 resistance zone.

A excessive was shaped at $58,200 and the worth is now consolidating in a variety. It additionally examined the 23.6% Fib retracement stage of the upward transfer from the $54,955 swing low to the $58,200 excessive. The bulls appear to be energetic above the $57,000 stage.

Bitcoin worth is now buying and selling above $57,200 and the 100 hourly Easy shifting common. There’s additionally a connecting bullish development line forming with help at $57,200 on the hourly chart of the BTC/USD pair. Quick resistance on the upside is close to the $58,200 stage.

The primary key resistance is close to the $58,500 stage. A transparent transfer above the $58,500 resistance may begin an honest enhance within the coming periods. The following key resistance could possibly be $59,200. A detailed above the $59,200 resistance may begin a gentle enhance and ship the worth larger. Within the acknowledged case, the worth may rise and take a look at the $60,000 resistance. Any extra beneficial properties is perhaps troublesome.

One other Decline In BTC?

If Bitcoin fails to climb above the $58,500 resistance zone, it may begin one other decline. Quick help on the draw back is close to the $57,400 stage.

The primary main help is $57,200 and the development line. The following help is now close to $56,200 and the 61.8% Fib retracement stage of the upward transfer from the $54,955 swing low to the $58,200 excessive. Any extra losses may ship the worth towards the $55,000 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.

Main Help Ranges – $57,200, adopted by $56,200.

Main Resistance Ranges – $58,200, and $58,500.