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Bitcoin Price Analysis: BTC Aims Fresh High above $58K

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  • Bitcoin price started a fresh increase above the $52,000 resistance zone against the US Dollar.
  • The price is now trading well above $52,000 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $51,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher above the $55,000 and $56,000 levels in the near term.

Bitcoin price started a fresh rally from $43,000 against the US Dollar. BTC is now back in a bullish zone above $52,000 and it is likely to climb further above $55,000.

Bitcoin Price Analysis

In the past few days, there was a steady upward move in bitcoin price above $50,000 against the US Dollar. BTC even broke the $52,000 resistance zone and settled above the 55 simple moving average (4-hours).

The price surged above the $53,500 level and traded as high as $53,887. It is now consolidating gains and trading below $55,000. There was a break below the 23.6% Fib retracement level of the recent increase from the $49,399 low to $55,887 high.

It is now trading well above $52,000 and the 55 simple moving average (4-hours). The first major support on the downside is near the $52,650 level. It is close to the 50% Fib retracement level of the recent increase from the $49,399 low to $55,887 high.

There is also a major bullish trend line forming with support near $51,800 on the 4-hours chart of the BTC/USD pair. It seems like the previous resistance near $51,800 and $52,000 could act as a strong support.

The next major support could be $50,000 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $55,000 level. The next key resistance is near the $55,800 level, above which the bulls are likely to take control. In the stated case, there are high chances of a new all-time high above the $58,000 level in the near term.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading well above $52,000 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $55,000 and $56,000 levels in the near term.

Technical indicators

4 hours MACD – The MACD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $52,650 and $51,800.

Key Resistance Levels – $55,000, $56,500 and $58,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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