TL;DR Breakdown
- Bitcoin price approaches new all time high.
- Resistance levels set to $58,000.
- Price could reach almost $61,000.
Following weeks of a steady bullish trend, Bitcoin price now approaches a new all time high. The cryptocurrency is currently trading at its highest in the past two weeks. This news is a positive sign for bullish traders as they continue to push for a continuous bullish trend.
Yesterday saw the Bitcoin price ascend and break several resistance levels. The cryptocurrency surpassed the $57,000 price zone, eventually stopping its bullish trend at $58,137, almost $200 below the previous ATH of $58,353 set in February.
However, after reaching the $58,000 mark, the cryptocurrency entered a lower correction at support level of $56,000. Currently, the world’s leading cryptocurrency trades at around $56,500.
Bitcoin gets new resistance level And RSI
The resistance level for Bitcoin is currently set at $58,000. While the cryptocurrency is trading below this level, it is expected that the price will take another surge as it did yesterday. A more positive indication of this rise is that the RSI is trending currently as 41. Should this value decrease further down to 30, the price of bitcoin would undergo another plunge. While there are still concerns regarding the RSI and a possible price reversal, the stochastic variables wear comforting figures for bullish traders who expect the price to break out of the $58,000 resistance level.
Bitcoin price could reach as high as $61,000
Technical indications are showing that the currency will continue its upward movement. This is even as notable organizations continue to invest in Bitcoin, the latest being American Residential Warranty.
Following the surpassing of the initial $52,000 resistance, the price analysis of the cryptocurrency continued to ascend. According to predictions, a new ATH may be set as soon as this weekend, with the price reaching up to $61,000, a figure that would be much appreciated by bullish traders.
