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NewsBTC 2021-12-01 03:08:04

Bitcoin Aims Fresh Run To $60K, Why Bulls Could Face Hurdles

Bitcoin is trading above the $56,200 support against the US Dollar. BTC must clear $58,500 to start a major increase in the coming sessions. Bitcoin is struggling to gain pace above the $58,000 and $58,500 levels. The price is still trading above $57,000 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $58,500 resistance to start a steady increase in the near term. Bitcoin Price is Showing Bullish Signs Bitcoin price corrected lower below the $57,000 support level. However, BTC remained stable above the $56,200 support level and the 100 hourly simple moving average. The recent low was near $56,555 and the price is now moving higher. It broke the $57,000 resistance zone. There was a break above the 23.6% Fib retracement level of the recent decline from the $59,230 swing high to $56,555 low. It is still trading above $57,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $57,850 level. It is near the 50% Fib retracement level of the recent decline from the $59,230 swing high to $56,555 low. The first major resistance is near the $58,200 level. There is also a major contracting triangle forming with resistance near $58,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com A clear break above the $58,200 res...

Disclaimer : All crypto price forecasts provided on our website are only for general information. The content should not considered as financial advice, legal advice or any other form of advice meant for your investment. Conduct your own research before investing in any cryptocurrency. Trading is a highly risky business, please consult with your financial advisor before making any decision.