Bitcoin price is correcting gains from $60,000 against the US Dollar. BTC is likely to start a fresh increase as long as there is no close below $56,500 and $55,250.
- Bitcoin gained bullish momentum above $58,000, but it failed to settle above $60,000.
- The price is now trading above the $56,500 support and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $56,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase unless the bears gain strength below $56,500 in the near term.
Bitcoin Price is Holding Key Support
This past week, bitcoin price saw a steady increase above the $55,500 resistance against the US Dollar. The BTC/USD pair broke the $58,000 resistance and it settled above the …