Bitcoin Price Gains Traction, Here’s How BTC Could Revisit $60K

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 seems to be a short-term rising channel forming with resistance near $55,850 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
If there is an upside break above the channel resistance, the price could continue to rise towards the $56,500 and $57,000 levels. The next major resistance is near the $58,000 level, above which the price could accelerate higher towards the $60,000 level.
Dips Limited in BTC?
If bitcoin fails to clear the $56,000 and $56,500 resistance levels, it could start a downside correction. An immediate support on the downside is near the $55,200 level.
The first key support is near the $55,000 level and the channel lower trend line. The 23.6% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also near the $53,700 level.
If there are more losses, the price could slide towards the $52,000 support and 100 hourly simple moving average. The 50% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also positioned near the $51,500 zone to provide support if there is an extended decline.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $55,000, followed by $53,000.
Major Resistance Levels – $56,000, $58,000 and $60,000.

bitcoin
Bitcoin (BTC) $ 26,759.17
ethereum
Ethereum (ETH) $ 1,869.97
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 300.76
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.534265
staked-ether
Lido Staked Ether (STETH) $ 1,869.26
cardano
Cardano (ADA) $ 0.373526
dogecoin
Dogecoin (DOGE) $ 0.071815
solana
Solana (SOL) $ 21.57
matic-network
Polygon (MATIC) $ 0.889241
tron
TRON (TRX) $ 0.081805
litecoin
Litecoin (LTC) $ 92.67
polkadot
Polkadot (DOT) $ 5.30
binance-usd
Binance USD (BUSD) $ 0.999263
avalanche-2
Avalanche (AVAX) $ 14.79
shiba-inu
Shiba Inu (SHIB) $ 0.000008
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,779.17
uniswap
Uniswap (UNI) $ 4.98
leo-token
LEO Token (LEO) $ 3.60
chainlink
Chainlink (LINK) $ 6.36
cosmos
Cosmos Hub (ATOM) $ 10.61
okb
OKB (OKB) $ 45.35
monero
Monero (XMR) $ 145.89
the-open-network
Toncoin (TON) $ 1.73
ethereum-classic
Ethereum Classic (ETC) $ 18.01
stellar
Stellar (XLM) $ 0.091457
bitcoin-cash
Bitcoin Cash (BCH) $ 113.59
internet-computer
Internet Computer (ICP) $ 4.70
true-usd
TrueUSD (TUSD) $ 1.00
lido-dao
Lido DAO (LDO) $ 2.30
filecoin
Filecoin (FIL) $ 4.61
aptos
Aptos (APT) $ 8.76
quant-network
Quant (QNT) $ 114.64
hedera-hashgraph
Hedera (HBAR) $ 0.050255
crypto-com-chain
Cronos (CRO) $ 0.060809
near
NEAR Protocol (NEAR) $ 1.65
arbitrum
Arbitrum (ARB) $ 1.18
vechain
VeChain (VET) $ 0.019501
apecoin
ApeCoin (APE) $ 3.21
the-sandbox
The Sandbox (SAND) $ 0.610863
the-graph
The Graph (GRT) $ 0.123139
algorand
Algorand (ALGO) $ 0.149921
paxos-standard
Pax Dollar (USDP) $ 1.00
eos
EOS (EOS) $ 0.908644
frax
Frax (FRAX) $ 1.00
render-token
Render (RNDR) $ 2.69
decentraland
Decentraland (MANA) $ 0.525150
elrond-erd-2
MultiversX (EGLD) $ 37.52