Bitcoin Eyes $60K After Breaking Key Resistance: Will the Rally Continue?

Bitcoin has climbed above $57,500, showing strong bullish momentum. With key resistance levels at $58,500 and $58,800, the price could soon test $60,000 if the rally holds.

Bitcoin price has started to rise steadily, breaking through the $57,500 resistance and setting its sights on higher levels. After breaking the $56,200 resistance, BTC surged past the $57,000 zone and is now trading above the 100-hourly Simple Moving Average.

The Bitcoin rally gathered momentum with a significant move above a short-term declining channel, clearing resistance at $56,650 on the BTC/USD pair chart (data from Kraken). The price even surpassed the $58,000 resistance, hitting a high of $58,450, where it has begun consolidating gains.

Currently, Bitcoin is trading above $57,200, with the 23.6% Fibonacci retracement level of the upward move from the $55,548 swing low to the $58,450 high acting as support. On the upside, immediate resistance sits at $58,500, and the next key resistance lies at $58,800.

A breakout above the $58,800 resistance level could trigger a fresh rally toward the $59,500 resistance zone. If Bitcoin manages to close above $59,500, the price could rise further and test the $60,000 level, a key psychological and technical target for bulls.

However, if Bitcoin fails to clear the $58,500 resistance, the price might face a downside correction. The first level of support is at $57,500, followed by stronger support around $57,000 and $56,000. A break below these levels could result in further downward pressure.

The Relative Strength Index (RSI) for the BTC/USD pair is currently above 50, signaling that momentum remains in favor of bulls, at least in the short term. Investors will be watching closely to see if Bitcoin can maintain its upward momentum and push past key resistance levels to reach $60,000.

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