bullish

Bitcoin

Higher

Gains

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-bulls-push-for-higher-gains" data-wpel-link="internal">Bitcoin Bulls Push for Higher Gains</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/investors-pull-bitcoin-from-hong-kong-etfs" data-wpel-link="internal">Bitcoin</a> has initiated a recovery wave, moving past the $53,500 resistance zone with BTC breaking through $55,500 and $56,500 resistance levels. This shift has placed it in a short-term positive trajectory. Additionally, surpassing the critical 61.8% Fibonacci retracement level of the drop from $61,040 to $49,110 marks a significant movement. The hourly chart for the BTC/USD pair also shows a break above the $56,850 resistance, indicating a bullish trend.</p> 
<h2 id="what-will-bitcoin-bulls-do-now">What Will Bitcoin Bulls Do Now?</h2> 
<p style="text-align: justify">Bulls are now eyeing further upward movement beyond the $57,500 mark. Currently, Bitcoin is trading above $57,000 and the 100-hour simple moving average. However, it may encounter resistance at approximately $58,250, which is near the 76.4% Fibonacci retracement level of the recent decline.</p> 
<p style="text-align: justify">The first significant resistance lies around $58,800. A decisive move past this point could drive Bitcoin’s price higher in upcoming sessions, with the subsequent resistance at $59,500. The main barrier remains at $60,000, and a close above this could trigger bullish momentum, potentially testing the $62,000 resistance level.</p> 
<h2 id="is-a-new-drop-possible-for-btc">Is a New Drop Possible for BTC?</h2> 
<p style="text-align: justify">Should Bitcoin fail to break through the $58,250 resistance zone, a new downward trend might commence. Initial support is at the $56,400 level, along with the 100-hour SMA. The first major support sits at $54,500, followed by $53,500. Further declines could see prices fall towards the $52,000 support zone shortly.</p> 
<h2 id="key-insights-for-traders">Key Insights for Traders</h2> 
<p style="text-align: justify"><strong>Valuable Takeaways:</strong></p> 
<ul> 
 <li>Watch for resistance at $58,250 and $58,800 for potential upward movement.</li> 
 <li>Key support levels to monitor are $56,400 and $54,500 to prevent further decline.</li> 
 <li>A close above $60,000 could signal a strong bullish trend.</li> 
 <li>Failure to hold above $57,000 might trigger a new downward wave.</li> 
</ul> 
<p style="text-align: justify">If Bitcoin surpasses the current resistance levels, its rise toward the $60,000 level could continue. However, a failed recovery might prompt another wave of decline. Investors should keep a close watch on these critical levels as Bitcoin currently trades at $57,426, with a slight recovery potentially serving as a lifeline for the cryptocurrency <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">market</a>.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-bulls-push-for-higher-gains" data-wpel-link="internal">Bitcoin Bulls Push for Higher Gains</a></h5>

Bitcoin Bulls Push for Higher Gains

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