TA: Bitcoin Resumes Uptrend, Here’s Why BTC Could Rally Above $60K

Bitcoin price remained well supported near the $56,000 support zone against the US Dollar. BTC is rising and it may soon break the key $60,000 resistance zone.

Bitcoin found support above $56,000 and started a fresh increase.
The price is now trading well above the $57,500 level and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $57,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate higher above the $59,500 and $60,000 resistance levels.

Bitcoin Price is Gaining Pace
Bitcoin corrected lower from the $59,500 resistance zone. BTC declined below the $58,000 and $57,500 support levels. The price even spiked below the 100 hourly simple moving average, but it remained stable above the $56,000 level.
A low was formed near $56,306 before the price started a fresh increase. There was a break above the $57,000 resistance levels. The bulls cleared the 50% Fib retracement level of the recent decline from the $59,501 high to $56,306 low.
There was also a break above a key bearish trend line with resistance near $57,900 on the hourly chart of the BTC/USD pair. The pair is now trading well above the $57,500 level and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com
It is consolidating above the 76.4% Fib retracement level of the recent decline from the $59,501 high to $56,306 low. An immediate resistance is near the $59,500 level. A clear break above the $59,500 could open the doors for a break above the $60,000 resistance. In the stated case, the price could rally towards $62,000.
Fresh Drop in BTC?
If bitcoin fails to clear the $59,500 resistance or $60,000, it could start a downside correction. An initial support on the downside is near the $58,000 level and the broken trend line.
The first key support is near the $57,500 level and the 100 hourly SMA, below which the price might test $56,500. There is also a connecting bullish trend line forming with support near $56,500 on the same chart.
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 – $58,000, followed by $57,500.
Major Resistance Levels – $59,500, $60,000 and $62,000.

bitcoin
Bitcoin (BTC) $ 87,784.52
ethereum
Ethereum (ETH) $ 3,362.04
tether
Tether (USDT) $ 1.00
solana
Solana (SOL) $ 216.39
bnb
BNB (BNB) $ 634.29
dogecoin
Dogecoin (DOGE) $ 0.411126
usd-coin
USDC (USDC) $ 0.998884
xrp
XRP (XRP) $ 0.647926
staked-ether
Lido Staked Ether (STETH) $ 3,361.42
cardano
Cardano (ADA) $ 0.600996
shiba-inu
Shiba Inu (SHIB) $ 0.000027
wrapped-steth
Wrapped stETH (WSTETH) $ 4,020.05
avalanche-2
Avalanche (AVAX) $ 35.77
tron
TRON (TRX) $ 0.167773
the-open-network
Toncoin (TON) $ 5.39
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 87,798.52
weth
WETH (WETH) $ 3,366.81
chainlink
Chainlink (LINK) $ 14.57
bitcoin-cash
Bitcoin Cash (BCH) $ 448.08
sui
Sui (SUI) $ 2.98
polkadot
Polkadot (DOT) $ 5.49
leo-token
LEO Token (LEO) $ 7.22
near
NEAR Protocol (NEAR) $ 5.39
aptos
Aptos (APT) $ 12.28
wrapped-eeth
Wrapped eETH (WEETH) $ 3,535.98
litecoin
Litecoin (LTC) $ 79.03
uniswap
Uniswap (UNI) $ 9.42
pepe
Pepe (PEPE) $ 0.000014
usds
USDS (USDS) $ 1.00
crypto-com-chain
Cronos (CRO) $ 0.177673
internet-computer
Internet Computer (ICP) $ 9.16
bittensor
Bittensor (TAO) $ 563.06
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.51
stellar
Stellar (XLM) $ 0.122425
kaspa
Kaspa (KAS) $ 0.139081
ethereum-classic
Ethereum Classic (ETC) $ 23.39
dai
Dai (DAI) $ 1.00
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.423627
whitebit
WhiteBIT Coin (WBT) $ 21.95
blockstack
Stacks (STX) $ 2.08
ethena-usde
Ethena USDe (USDE) $ 1.00
dogwifcoin
dogwifhat (WIF) $ 3.00
monero
Monero (XMR) $ 157.03
render-token
Render (RENDER) $ 7.13
aave
Aave (AAVE) $ 184.16
okb
OKB (OKB) $ 45.86
filecoin
Filecoin (FIL) $ 4.40
mantle
Mantle (MNT) $ 0.768131
arbitrum
Arbitrum (ARB) $ 0.648950
injective-protocol
Injective (INJ) $ 25.18