After a month of ups and downs, Bitcoin finally nears $60K again. Recovering from the falling trend throughout the entire March, the last few weeks have seen a promising rise in the exchange rate curve. Currently, BTC is owning the profits and it could go well above $61,000 except that it doesn’t come across a break under the 100 hourly SMA.
Source: BTCUSD on TradingView.com
- Bitcoin is trying hard to achieve momentum to exceed the $60,000 and $60,500 levels.
- The current dealing price is on the $59,000 level considering a simple moving average of 100 hours.
- A considerable decline is building with defiance near $60,050 at the BTC/USD duo on the chart per hour.
- This duo is possibly going to begin a significant rally once it secures the $60,000 and $60,500 levels.
Bitcoin Price is Achieving Profits
Bitcoin dived strongly facing the $58,000 support after the refusal over the $60,500. But, BTC stayed strong, holding their bid over $58,000 while recovering some damages.
After the level of $59,000, a little breakthrough took the price to seemingly over the $60,000 level. But, the price is now stabilized after reaching the height of $60,677. At the Fib retracement level, this is marketed under 23.6% of the typical deal and it shifted uphill from the lower $58,025 to the higher $60,677.
However, as a drawback, the price is getting bids ranging from $59,250 up to $59,100. Also, the Fib retracement level of 50%, which is moving higher from the lower $58,025 to the upper $60,677, is closing around the $59,350 level.
A significant decline is also building up defiance around the $60,050 at the BTC/USD duo on the per hour chart. So there are very good possibilities of a new rally if the $60,050 and $60,200 levels go for an upward break. In that situation, the price will possibly head towards the $61,200 and $62,000 levels.
Dive Sustained in BTC?
There will be a downward adjustment for a brief period if the bitcoin can not reach over the $60,050 and the $60,200 levels. In this case, the primary support is around level $58,350.
Around the $58,750 level and 100 hourly SMA will be the next big support. So, the bull has to secure the moving average of 100 hours. Otherwise, there is a possibility of a strong downward break. And if that happens, the price may drop around the $56,800 level.
MACD Per Hour – The MACD is currently dropping strength in the bullish sector.
Relative Strength Index (RSI) Per Hour – The RSI is currently on the 50 levels for BTC/USD.
Primary Support Levels – $59,350 and $59,000
Primary Resistance Levels – $60,050, $60,500 and $61,200