Bitcoin price started a fresh increase above the $55,000 resistance zone against the US Dollar. BTC tested $58,500 and it remains elevated for a move towards the $60,000 zone.
Bitcoin is showing positive signs and it recently tested the $58,500 resistance zone. The price is now trading well above $55,000 and the 100 simple moving average (4-hours). There is a key bullish trend line forming with support near $55,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could correct losses, but it is likely to start a steady increase towards the $60,000 level. Bitcoin Price Gains Traction
This past week, bitcoin price remained stable above the $52,500 support zone against the US Dollar. The BTC/USD pair started a steady increase and it broke a couple of important hurdles near $55,000.
The price even broke the $56,500 resistance and extended its rise. There was a spike above the $58,000 level, but the