Bitcoin Settles Above Key Support, Why BTC Could Revisit $60K

Bitcoin Settles Above Key Support, Why BTC Could Revisit $60K

Bitcoin price started a fresh increase above the $55,000 resistance zone against the US Dollar. BTC tested $58,500 and it remains elevated for a move towards the $60,000 zone.

Bitcoin Price Gains Traction This past week, bitcoin price remained stable above the $52,500 support zone against the US Dollar. The BTC/USD pair started a steady increase and it broke a couple of important hurdles near $55,000.

The price even broke the $56,500 resistance and extended its rise. There was a spike above the $58,000 level, but the price struggled near the $58,500 zone. A high is formed near $58,494 and the price is now correcting lower.

It traded below the $57,500 level. There was a break below the 23.6% Fib retracement level of the upward move from the $52,489 swing low to $58,494 high. On the downside, there is a major support forming near the $55,500 zone.

There is also a key bullish trend line forming with support near $55,400 on the 4-hours chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $52,489 swing low to $58,494 high.

Bitcoin Price

Source: BTCUSD on TradingView.com On the upside, the price is facing a 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 doors for a fresh increase towards the $60,000 barrier.

Dips Limited in BTC? If bitcoin fails above the $58,000 level, there is a risk of a downside correction. The first major support is near the $55,500 level and the trend line zone.

The next major support is near the $55,000 level and the 100 SMA. Any more losses might call for a fresh drop towards the $52,500 support level.

Technical indicators

4 hours MACD – The MACD for BTC/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Level – $55,500

Major Resistance Level – $58,500

Tags: bitcoinbtcusdBTCUSDTxbtusd Tweet Share Aayush Jindal Aayush Jindal Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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Following the listing, Phemex now supports BAT/USDT, CHZ/USDT, MANA/USDT, ENJ/USDT, SUSHI/USDT, SNX/USDT, GRT/USDT, and MKR/USDT spot trading pairs, as well as contract trading of these eight assets with up to 20x leverage.

Placing Users First, Always Phemex has come a long way since it was launched 2 years ago. Created by a group of ex-Wall Street executives to provide a much better professional trading experience to the crypto community, the platform has always put its user’s needs first. The platform implements a robust trading engine and state-of-the-art security to enable a flawless trading experience.

The platform implements a stringent evaluation process for new token listings. Each entry is subjected to due diligence and only those that satisfy all prescribed criteria will be made available to Phemex users. Meanwhile, users can always provide feedback and suggestions regarding new features or tokens to the Phemex team. They act upon these inputs based on demand and popularity, ensuring their community always stays a step ahead of others.

Reintroduction of XRP Phemex has reintroduced XRP along with BAT, CHZ, MANA, ENJ, SUSHI, SNX, GRT, and MKR after a brief period of suspension due to the SEC lawsuit against Ripple Labs – creators of XRP. The news of the lawsuit resulted in massive selloffs on various exchanges around the world.

Phemex is one of the many exchanges that halted XRP trading and delisted the popular cryptocurrency to protect its customers from widespread liquidations. Since then, the XRP market has returned to normalcy, which has, in turn, influenced the platform’s decision to reintroduce XRP spot and contract trading on Phemex. Users can now access XRP/USDT spot trading as well as the XRP/USD linear contract with up to 20x leverage.

Read the official announcement at – https://phemex.com/announcements/phemex-releases-eight-new-coins-plus-xrp

Tweet Share NewsBTC NewsBTC RELATED POSTS sensorium Biggest Token Burning in History: Sensorium Burns Over $10B Worth of SENSO Tokens; Reveals NFT Functionality 2 days ago Primexbt-covesting PrimeXBT Enters DeFi Space With Yield-Generating Accounts 2 days ago CoinSwap CoinSwap Opens Up New DeFi Opportunities with Their Certik Approved DEX 2 days ago Passive Income, A Unique Blockchain Token Re-Imagining DeFi Yield Generation Passive Income, A Unique Blockchain Token Re-Imagining DeFi Yield Generation 3 days ago impermax Impermax Airdropped 14 Million IMX Tokens to 35,000 Uniswap V2 Liquidity Providers 3 days ago pnetwork pNetwork And Algorand Launch Partnership To Create Cross-Chain Connections 3 days ago ABOUT US NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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