Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-strengthens-its-position/" data-wpel-link="internal">Bitcoin Price Strengthens Its Position</a><br></p>
<p style="text-align: justify">The <a href="https://coin-turk.com/analist-kanit-sundu-ve-tarih-verdi-bitcoinde-btc-bu-tarihe-dikkat" data-wpel-link="internal">Bitcoin</a> price has recently shown significant upward momentum, moving towards the $58,000 levels. <strong><a href="https://coin-turk.com/bitcoin-fiyati-binancede-47-000-dolari-gordu-kanama-nerede-duracak" data-wpel-link="internal">BTC</a></strong> is consolidating its current gains and may attempt to rise further towards the $60,000 resistance level in the near future. However, at this point, it is necessary to first surpass the key resistance of $58,000.</p> 
<h2 style="text-align: justify" id="bitcoin-price-solidifies-its-position">Bitcoin Price Solidifies Its Position</h2> 
<p style="text-align: justify">Currently, the <strong><a href="https://en.coin-turk.com/grayscale-wins-sec-lawsuit-bitcoin-drops-as-etf-applications-are-delayed/" data-wpel-link="internal">Bitcoin</a> price</strong> is solidifying its position below the $57,500 resistance area. The price is trading above the $57,000 level. An ascending channel has formed on the hourly chart of the <a href="https://en.coin-turk.com/anticipation-for-the-first-us-spot-bitcoin-etf-launch/" data-wpel-link="internal">BTC</a>/USD pair, which is causing the price to encounter resistance around $57,650. This development indicates that the pair’s current rally could extend towards the $60,000 resistance area.</p> 
<p style="text-align: justify">However, it should be noted that Bitcoin’s price is also facing new obstacles. Recently, BTC rose above the $55,000 resistance area and continued its upward momentum by surpassing the $56,000 and $57,000 resistance levels. However, after creating a new peak around $57,588, the price is currently in a consolidation phase.</p> 
<h2 style="text-align: justify" id="which-levels-should-be-watched-for-bitcoin">Which Levels Should Be Watched for Bitcoin?</h2> 
<p style="text-align: justify">The resistance levels between $56,000 and $57,200 are important to watch for Bitcoin’s short-term performance. In particular, the $57,500 level is being monitored as the next key resistance. If the bulls remain in motion, it is anticipated that the price could surpass the $58,000 level and even test the $58,800 level. However, resistance near the $60,000 level is expected as the main barrier.</p> 
<p style="text-align: justify">We also see that potential declines in Bitcoin are supported. The cryptocurrency <strong>BTC</strong>, if it cannot rise above the $57,500 resistance area, could initiate a downward correction. In this case, the $56,800 and $56,000 levels will be the first significant support points. If there are further losses, a drop towards the $53,200 level could occur.</p> 
<h2 style="text-align: justify" id="what-do-the-technical-indicators-say-for-btc-price">What Do the Technical Indicators Say for BTC Price?</h2> 
<p style="text-align: justify">Technical indicators show that the hourly MACD is losing momentum in its ascent. The RSI is above the 50 level for BTC/USD. However, it is important to follow this indicator for cautious trading.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-320454 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/btc-bitcoin-coin-turk-com-1-5.png" alt="" width="1276" height="542"></p> 
<p style="text-align: justify">Finally, it is possible to say that Bitcoin, the flagship of cryptocurrencies, is trying to hold above the $57,500 resistance area in the short term while gathering strength to support a move towards the $60,000 resistance.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-price-strengthens-its-position/" data-wpel-link="internal">Bitcoin Price Strengthens Its Position</a></h5>

Bitcoin Price Strengthens Its Position

Table of Contents

COINTURK NEWS

Other articles published on Feb 28, 2024

MetaMask Hack Causes Serenity Shield Token to Crash by 99%

Bitcoin Breaks All-Time Highs in Nearly Every Country on Earth As Analysts Forecast Altcoin ‘Mani...

Solana’s Bullish Outlook Gains Momentum with Bitcoin’s Market Rise

SEABC 2024: Top Industry Leaders To Share Innovations and Insights on Blockchain and Web3

Was the ETH price flash crash to $3,180 triggered by excessive leverage?

Australia imposes travel ban on ex-Blockchain Group director after ACX Exchange collapse

Join our free newsletter for daily crypto updates!