Bitcoin

Resistance

Bitcoin price is up over 10% and surging toward $58,000. BTC is signaling a strong upward trend and might surge toward the $60,000 resistance. 
<ul> 
 <li>Bitcoin price is gaining pace above the $55,000 resistance zone.</li> 
 <li>The price is trading above $55,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a major bearish trend line with resistance at $51,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could extend its current rally toward the $60,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-starts-fresh-surge">Bitcoin Price Starts Fresh Surge</h2> 
Bitcoin price remained well-bid above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-52k/" target="_blank" rel="noopener ">$50,500 support zone</a>. A support base was formed above the $51,500 level and the price started a fresh rally. BTC gained bullish momentum after it broke the $51,600 and $52,000 resistance levels. 
There was a break above a major bearish trend line with resistance at $51,600 on the hourly chart of the BTC/USD pair. The pair surged over 10% and broke many hurdles near the $55,000 level. A new multi-week high is formed near $57,109 and the price is now retreating. 
Bitcoin is still trading above $55,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-accumulation-52k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. It is also above the 23.6% Fib retracement level of the recent rally from the $50,950 swing low to the $57,109 high. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e135a3.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-577010" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e135a3.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e135a3.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e135a3.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e135a3.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e135a3.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e135a3.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e135a3.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e135a3.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
Immediate resistance is near the $56,800 level. The next key resistance could be $57,000, above which the price could rise toward the $58,000 resistance zone. If the bulls remain in action, the price could even surpass $58,000 and test $58,800. The main hurdle for them is visible near the $60,000 zone. 
<h2 id="are-dips-limited-in-btc">Are Dips Limited In BTC?</h2> 
If Bitcoin fails to rise above the $57,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $56,000 level. 
The first major support is $55,600. If there is a close below $55,600, the price could start a decent pullback toward the 50% Fib retracement level of the recent rally from the $50,950 swing low to the $57,109 high. Any more losses might send the price toward the $53,200 support zone. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $56,000, followed by $55,600. 
Major Resistance Levels – $57,000, $58,000, and $60,000.

Bitcoin Price Moons To $57K As The Bulls Aim For $60K

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