Why Bitcoin Price Could Restart Rally Unless It Dives Below $56.5K

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[NEWS BLOG]: Why Bitcoin Price Could Restart Rally Unless It Dives Below $56.5K

Bitcoin price is correcting gains from $60,000 against the US Dollar. BTC is likely to start afresh increase as long as there is no close below $56,500 and $55,250.

  • Bitcoin gained bullish momentum above $58,000, but it failed to settle above $60,000.
  • The price is now trading above the $56,500 support and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $56,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start afresh increase unless the bears gain strength below $56,500 in the near term.

"Bitcoin Price is Holding Key Support"

This past week, bitcoin price saw a steady increase above the $55,500 resistance against the US Dollar. The BTC/USD pair broke the $58,000 resistance and it settled above the 100 simple moving average (4-hours).

The pair even climbed above the $59,500 level and spiked above the $60,000 resistance. However, there was no close above the $60,000 level. A high was formed near $60,030 and the price started a fresh decline. It broke the $58,500 and $58,000 support levels.


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