Rally

Bitcoin

Resistance

Bitcoin price rallied further toward $58,000. BTC is now consolidating gains and might soon attempt more gains toward the $60,000 resistance. 
<ul> 
 <li>Bitcoin price is consolidating gains below the $57,500 resistance zone.</li> 
 <li>The price is trading above $56,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a rising channel forming with resistance near $57,650 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-faces-fresh-hurdle">Bitcoin Price Faces Fresh Hurdle</h2> 
Bitcoin price extended its rally above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-moons-to-57k/" target="_blank" rel="noopener ">$55,000 resistance zone</a>. BTC gained bullish momentum after it broke the $55,500 and $56,000 resistance levels. There was also a spike above the $57,000 resistance zone. 
A new multi-week high is formed near $57,572 and the price is now <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-stuck-52k/" target="_blank" rel="noopener ">consolidating gains</a>. There was a minor decline below the $57,000 level, but the price is still above the 23.6% Fib retracement level of the recent wave from the $50,950 swing low to the $57,572 high. 
Bitcoin is now trading above $56,000 and the 100 hourly Simple moving average. Immediate resistance is near the $57,200 level. The next key resistance could be $57,500. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_443779.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-577185" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_443779.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_443779.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_443779.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_443779.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_443779.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_443779.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_443779.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_443779.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> 
There is also a rising channel forming with resistance near $57,650 on the hourly chart of the BTC/USD pair, 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-supported-in-btc">Are Dips Supported In BTC?</h2> 
If Bitcoin fails to rise above the $57,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $56,800 level. 
The first major support is $56,000. If there is a close below $56,000, the price could start a decent pullback toward the 50% Fib retracement level of the recent wave from the $50,950 swing low to the $57,572 high at $54,250. Any more losses might send the price toward the $53,200 support zone. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $56,800, followed by $56,000. 
Major Resistance Levels – $57,500, $57,650, and $58,000.

Bitcoin Price Consolidates Gains, Can BTC Extend Rally To $60K?

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