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TA: Bitcoin Price Climbs Above $58K, Why Bulls Could Aim $60K

TA: Bitcoin Price Climbs Above $58K, Why Bulls Could Aim $60K

Bitcoin price remained in a positive zone and it traded to a new all-time high above $58,000 against the US Dollar. BTC is now correcting gains, but it is likely to continue higher towards $60,000.

  • Bitcoin extended its rise above $57,000 and it traded to a new all-time high at $58,350.
  • The price is still well above $55,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $55,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue higher and the bulls are likely to aim a test of $60,000.

Bitcoin Price Remains In Strong Uptrend

After a strong close above the $55,000 level, bitcoin price extended its upward move. BTC broke the $56,000 and $57,000 resistance levels. It even cleared the $58,000 level and traded to a new all-time high at $58,350.

Recently, there was a minor downside correction below the $57,500 level. There was a break below the 23.6% Fib retracement level of the upward move from the $54,000 swing low to $58,350 high. The price even spiked below the $57,000 level, but dips were limited.

Read the full article at newsbtc.com

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