Bitcoin price gained pace and it cleared the $55,000 resistance zone against the US Dollar. BTC is showing positive signs and it is likely to accelerate higher above $56,500.
Bitcoin started a decent increase it settled nicely above the $53,000 resistance. The price is now trading well above $54,000 and the 100 hourly simple moving average. There is a short-term rising channel forming with resistance near $55,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue higher above the $56,000 and $56,500 resistance levels. Bitcoin Price Remains Bullish
Bitcoin formed a strong support base above the $53,000 level and it extended gains. BTC even broke the main $55,000 resistance zone and settled well above the 100 hourly simple moving average.
There was also a push above the $55,500 level and the price traded as high as $55,782. It is now consolidating gains well above the $55,000 level. There