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Home Market & Analysis

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

n70products by n70products
February 28, 2024
in Market & Analysis
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Bitcoin worth rallied additional towards $58,000. BTC is now consolidating positive aspects and may quickly try extra positive aspects towards the $60,000 resistance.

  • Bitcoin worth is consolidating positive aspects under the $57,500 resistance zone.
  • The worth is buying and selling above $56,000 and the 100 hourly Easy transferring common.
  • There’s a rising channel forming with resistance close to $57,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may prolong its present rally towards the $60,000 resistance zone.

Bitcoin Worth Faces Contemporary Hurdle

Bitcoin worth prolonged its rally above the $55,000 resistance zone. BTC gained bullish momentum after it broke the $55,500 and $56,000 resistance ranges. There was additionally a spike above the $57,000 resistance zone.

A brand new multi-week excessive is shaped close to $57,572 and the value is now consolidating gains. There was a minor decline under the $57,000 degree, however the worth continues to be above the 23.6% Fib retracement degree of the latest wave from the $50,950 swing low to the $57,572 excessive.

Bitcoin is now buying and selling above $56,000 and the 100 hourly Easy transferring common. Speedy resistance is close to the $57,200 degree. The following key resistance may very well be $57,500.

Bitcoin Price

Supply: BTCUSD on TradingView.com

There may be additionally a rising channel forming with resistance close to $57,650 on the hourly chart of the BTC/USD pair, above which the value may rise towards the $58,000 resistance zone. If the bulls stay in motion, the value may even surpass $58,000 and check $58,800. The principle hurdle for them is seen close to the $60,000 zone.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $57,500 resistance zone, it may begin a draw back correction. Speedy assist on the draw back is close to the $56,800 degree.

The primary main assist is $56,000. If there’s a shut under $56,000, the value may begin an honest pullback towards the 50% Fib retracement degree of the latest wave from the $50,950 swing low to the $57,572 excessive at $54,250. Any extra losses may ship the value towards the $53,200 assist zone.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.

Main Assist Ranges – $56,800, adopted by $56,000.

Main Resistance Ranges – $57,500, $57,650, and $58,000.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use info supplied on this web site solely at your personal danger.



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Tags: 60KBitcoinBTCConsolidatesExtendGainsPriceRally
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