Bitcoin extended its rally above the $57,000 against the US Dollar. BTC could continue to rise if it is above the $56,000 support zone.
Bitcoin is trading in a positive zone above the $56,000 support zone. The price is now trading above $56,000 and the 100 hourly simple moving average. There was a break above a key declining channel with resistance near $55,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is correcting gains, but the bulls could remain active near $56,000. Bitcoin Price Eyes More Upsides
Bitcoin price remained well supported above the $55,000 pivot level. BTC gained pace and it was above to clear many hurdles near the $55,500 level.
There was also a break